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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Saturday-Sunday, September 10-11, 1994 


No. 34,690 


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U.S. and Cuba 
Reach Accord 
On Halting 
The Exodus 

Washington to Increase 
Visas, mid Havana Vows 
To Urge People to Stay 

Compiled by Our Staff From Dispatches 

NEW YORK — The United States and 
Cuba reached agreement Friday on halting 
the exodus of Cuban refugees heading for 
the United States by sea. 

The pact sharply increases the number 
of Cubans allowed to enter the United 
States legally, to at least 20,000 annually 
from about 3,000 at present 

About 6,000 Cubans currently on the 
visa waiting list win also be admitted. 

In exchange, Cuba vowed to prevent 
illegal refugees from leaving its shores, 
“using mainly persuasive methods.” 

Havana made no undertaking to beef up 
patrols at sea, however. 

Any Cubans who still makes it to sea 
and is intercepted by the U.S. Coast Guard 
will, as at present, be taken “to safe haven 
facilities outside the United States," the 
agree m e n t said. 

Since early August, about 1,000 Cubans 
a day have put to sea, many in barely 
seaworthy rafts. 

“This agreement, when carried out, will 
help ensure that the massive flow of dan- 
gerous and illegal migration will be re- 
placed by a safer, legal and more orderly 
process," President Bill Clinton said in a 
statement issued is New Orleans, where he 
was making a speech. 

More than 20,000 refugees intercepted 
at sea by American naval forces have been 
taken to the U.S. military base at Guanta- 
namo Bay, Cuba, since Aug. 19, when the 
Clinton administration reversed the long- 
standing U.S. policy of granting political 
asylum to all Cuban refugees who readied 
1 the United States. 

Those now at Guantanamo, or who 
reach there in the future, will remain ineli- 

t ible to apply for legal entry to the United 
tales. Attorney General Janet Reno said 
in a news conference in Washington. 

But she said that as part of die agree- 
ment, the government of Fidel Castro had 
undertaken to protect the rights of anyone 
wishing to return to Cuba from Guantana- 
mo or other, third-country havens. 

■Arrangements will be made through 
diplomatic channels for the repatriation of 
“those Cubans who have recently left and 
wish to return," the agreement says. 

Ms. Reno stud these people could then 
apply for U.S. visas. 

Indicating that the United States had 
held firm against Cuban calls for conces- 
sions, Undersecretary of State Peter Tar- 
noff, at the same Washington news confer- 
ence as Ms. Reno, said there had been no 
U.S. agreement to revoke recent measures 
tighte ning American sanctions against 
Cuba on financial remittances from Cu- 
bans in the United States and on charter 
flights. 

“That is not part of the agreement, and 
nothing of that sort is contemplated,” Mr. 
Taraoff said. 

When asked if there had been any son of 
understandings on relaxing the 32-year 
U.S. economic embargo against President 
Castro’s government, be replied, “None 
whatsoever" 

The State Department spoke sm a n , Mike 
McCurry, said, “There will be no further 

See CUBA, Page 8 


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Baseball Owners 
Reject New Plan 

NEW YORK (AP) — Baseball 
owners rejected the players’ proposal 
to settle the five-week-old strike on 
Friday, but postponed until next week 
their threat to call off the season and 
the Worid Series. 

“We have to establish a common 
ground, and tragically we have failed 
to do so at every leva to this point," 
said the acting commissioner, Bud Se- 
lig. He had said earlier that Friday 
was die deadline for reaching agree- 
ment or canceling the 1994 season. 

Earlier article, Page 19 



Up and 
Coming 


Undaunted by the archetype of male- 
dominated industries, Hilary Briggs 
has risen as a manager at Rover, me 
British carmaker. In Monday’s Tnb. 


Books 

Crossword 


Page 6. 
Page 19. 








Newsstand Prices 


Andorra 9.00 FF Luxembourg 60 LFr 

Antilles 11.20 FF /Vtorocco.....„.12Dh 

Cameroon..! .400 CFA Qatar 8-O0Riab 

Egypf E. P.5000 Rfiunton....nJ0FF 

France 9.00 FF Saudi Arabia ..9.00 R. 

Gabon 960 CFA Senegal 960 CFA 

Greece .300 Dr. Spain JQ0PTAS 

ItolY WOOLire Tunisia l OM Dm 

fvonrCoast.l.iaCFA Turkey ..T.L. 35,000 

Jordan !JD U.A.E. BJODirh 

Lebanon ...USS I JO U.S. Mil. (Eur.) S1.10 





— ... . * 




Ennv F. Mani'Tto Auncuicd Pm» 

RACE FOR LIFE IN SARAJEVO — Sarajevans running Friday to avoid Firing in the city’s notorious “sniper ally." 
Meanwhile, EU foreign ministers prepared to discuss the threat of an escalation of the Bosnian war amid repents 
that Serbia had agreed to monitoring of its blockade of military supplies to the Bosnian Serbs. Page 2. 


Isolated by Its Stand, 
Vatican Drops Effort 
To Hold Up UN Text 
On Abortion Rights 


By Barbara Crossette 

New York Times Service 

CAIRO — The Vatican on Friday night 
abandoned efforts to significantly weaken 
language on abortion in a United Nations 
plan to stabilize population growth over 
the next two decades. 

The move cleared the way for the Inter- 
national Conference on Population and 
Development to recognize that abortions 
are taking place worldwide and should be 
considered a major public health hazard 
when procedures are unsafe. 

The issue of abortion, forced to the 
forefront by the Vatican, has tied up the 
conference for nearly a week. Many con- 
ference participants believe that the Vati- 
can seriously miscalculated its potential 
influence in this debate, especially among 
Roman Catholic women represented in 
both official delegations ana nongovern- 
mental observer groups. 

“The Catholic women of the world do 
not buy into statements from the elderly 
celibate clergy," said Allan Rosenfield, 
dean of the School of Public Health at 
Columbia University, who has been serv- 
ing as a UN adviser here. "The document 
is a major step forward, because the major- 
ity of nations are supporting a focus on 
status of women and a focus on women’s 
reproductive health in population.” 

Isolated after failing to cany either the 
Islamic world or more than a few small. 


largely Catholic, developing nations, the 
Vatican capitulated after a week of stalling 
on one paragraph of a 1 13-page document. 
The confrontation culminated in a final 
24-hour standofr during which only two 
sentences were reversed, but no words 
changed, in paragraph 8.25, which now 
calls for safe abortions in countries where 
the practice is not prohibited. 

The Vatican had argued that there were 
no such thing s as “safe” abortions since all 
resulted in the death of a fetus. The para- 
graph os adopted by consensus Friday 
nignt says that, “In circumstances in which 
abortion is not a gains t the law, such abor- 
tion should be safe." 

"I’m very happy because it defines un- 
safe abortion clearly as a public health 
problem," said Joan'Dunlop, president of 
the International 'Women's Health Coali- 
tion, a New York-based group that helps 
women's health organizations m the devel- 
oping world. “It means we can go to coun- 
tries and say, this is a public health prob- 
lem, how can we help you with it? That's 
very important." 

Women's organizations here have ar- 
gued that in some cases abortion is a wom- 
an's only recourse when family planning 
services are not available. The draft lan- 
uage approved Friday, however, stresses 
at abortion should never be promoted as 
See CAIRO, Page 8 


S 


Jump in U.S. Wholesale Prices Shocks Wall Street 


By Sylvia Nasar 

New York Times Service 

NEW YORK — Producer prices rose a 
surprisingly strong 0.6 percent in August, 
the biggest monthly rise in nearly four 
years, the government said Friday. The 
spurt in pnees raises the possibility that 
inflation, bottled up for more than three 


years of economic expansion, may again 
be a threat. 

The price jump, which made another 
interest rate rise by the Federal Reserve 
Board this fall far more likely, sent slock 
and bond prices tumbling and made econ- 
omists scurry back to their computers tc 
take another look at their relatively san- 


guine inflation forecasts for next year. 

The data helped send the yield on the 
benchmark 30-year Treasury bond up to 
7.71 percent, from 7.56 percent Thursday. 
The Dow Jones industrial average dropped 
33.65 points, to 3.874.81, and European 
stock and bond markets also fell. (Page 9) 
To many business people, investors" and 


analysts, the August rise looked as if it 
could be the first sign of the rising inflation 
that the Fed was trying so hard to avert. 

“I’m personally surprised that it’s taken 
this long to show” said Brad Roller, presi- 
dent of Sweiger Coil Systems, a Cleveland 

See PRICES, Page 8 


Dow Jones 


^ Down : 
33.65 

• ^ 3874.18 • 

The Dollar 

Now' 


DP 'Vi 

0 . 22 % * 


116.40 


~z.~ 


i Votfc. 


Frt ctau_ 


yvlomdoM 


DM 


1.5374 


1.5565 


Pound 


1.5525 


1.5435 


Yen 


99.18 


99.60 


FF 


5.2655 


5.3345 


Israel-PLO Aid Parley Ends 
In Discord Over Jerusalem 


By Youssef M. Ibrahim 

New York Tima Service 

PARIS — A much anticipated meeting 
that could have yielded $160 million in aid 
to Palestinian self-rule projects in Gaza 
and the West Bank was aborted on Friday 
when Palestine Liberation Organization 
and Israeli negotiators clashed over the 
status of Jerusalem. 

The World Bank announced the cancel- 
lation of a meeting it had organized for 
financial donor countries that was set to 
disburse some of the $2.4 billion in aid 
pledged to Palestinians over the next five 
years. In an unusually irate statement, the 
bank expressed its “deep disappointment 
at the way things have evolved 

Israel rejected plans by the PLO to fi- 
nance Palestinian institutions in East Jeru- 
salem, the predominantly Arab part of the 
city, which the PLO has vowed to make the 
capital of an independent Palestinian 
state. Israel has always maintained that 
Jerusalem will remain united as its capital. 

Israelis argued that allowing the PLO to 
fond any Palestinian institutions in East 
Jerusalem would circumvent a PLO-Israeli 
accord to negotiate the final status of the 
city only after three years of the self-rule 
phase. 


At a news conference at World Bank 
headquarters in Paris after the meeting was 
canceled, Nabil Shaath, the chief Palestin- 
ian negotiator, said the PLO had assigned 
only $4 million of the anticipated 5160 
million in aid to projects in Jerusalem, 
largely for soda! services. 

"I could understand the Israeli position 
if we were putting army barracks or police 
stations in Jerusalem, but we only wanted 
to repair schools and hospitals," Mr. 
Shaath said “Our minimum request is that 
Israel cannot practice a veto on thaL” 
World Bank officials and representa- 
tives of many donor countries that last 
year pledged $2.4 billion in financial aid 
over die next five years were baffled by the 
unexpected turn of events, particularly 
since both Israel and the Palestinians had 
been urgin g the international community 
to speed up the process. 

Mr. Shaath said that so far the PLO had 
received less than $80 milli on in aid But 
the setback on Friday means the PLO will 
have to wait a few more weeks before 
another meeting is convened by the World 
Bank for donors to examine and approve 
itures. 

re World Bank's vice president for the 

See AID, Page 8 



Kholnl Zlfban/Reuim 

Mahmo ud Abbas, (me of the architects of file Palestinian self-rule agreement 
with Israel, arriving in Jericho after more than a quarter-century in exile. 


Something New for Japanese: A Two-Party Election 


By T. R. Reid 

Washington Post Service 

OKAZAKI, Japan — In keeping with 
years of political tradition, the candidates 
wear white gloves on their hands, broad 
white ribbons across their chests and flow- 
ing scarves around their heads. They bow 
deeply to each voter who passes by, and 
they cany folding fans to beat the beat 
during a long day on the stump. 

In style, at least, the campaign for the 
special election here on Sunday looks like 


every other campaign for the last 50 years. 
But the political setting is completely new. 

Political pros and pundits have declared 
that the election here to fill a vacant seat in 
the upper house of the Diet, or Parliament, 
constitutes the first page of a whole new 
chapter in Japanese politics. 

Unlike any previous election, the cam- 
paign is mainly a two-party contest, with a 
reform-minded liberal and a status-quo 
conservative battling over issues and broad 
policy questions. 


For four decades after World War II, 
Japan was a one-party democracy, with the 
Liberal Democratic Party, the most con- 
servative of Japan’s major parties, control- 
ling every Parliament and electing every 
prime minis ter. A clutch of smaller parties 
swam in its wake, never strong enough to 
challenge for power. 

Bui in the historic election last July, a 
coalition of reformers took advantage of 
the popular hunger for change and 
dumped the Liberal Democrats. Since 


then, control of the government has see- 
sawed baric and forth from the reform 
group to an ad-hoc coalition centered on 
the remnants of the old ruling party. 

The Diet, meanwhile, has passed a 
sweeping anti-corruption bill that will re- 
write the nation’s political map and force 
far-reaching change in election campaigns. 
The new political system was designed to 
turn parliamentary elections into issue- 

See JAPAN, Page 8 


Cause Is Sought 
In USAir Crash 
That Killed 132 


Compiled by Our Staff From Dupatdta 

ALIQUIPPA, Pennsylvania — Emer- 
gency workers were searching Friday 
through the wreckage of USAir Flight 427, 
which crashed nose-first in wooded terrain 
near Pittsburgh, killing all 132 people 
aboard. 

The crash, late Thursday, was so violent 
that it left mainly twisted chunks of metal, 
so that it could take weeks to find the 
cause, officials said. Pan of the plane's tail 
was the largest piece found intact. 

It was the worst air disaster in the Unit- 
ed States in seven years, and it was the fifth 
of a USAir passenger plane in five years. 

Minutes before the crash, the crew made 
a routine call to the control tower but gave 
no indication of any problem. Weather in 
the area was clear and calm at the time. 

Some witnesses said the plane had lost 
power and had fallen straight down, crash- 
ing into a ravine on a wooded hillside 
about a half-mile from a shopping center. 
Others said it had twisted as it fell drop- 
ping into the trees and then exploding. 

Investigators from the National Trans- 
portation Safety Board, the FBI and other 
agencies were on the scene Friday. They 
began searching the ravine, and found 
body parts strewn over a wide area. 

“This plane was decimated," Lieutenant 
Governor Mark Singel said at a news con- 
ference. “The scene is one of absolute 
carnage. This is going to be a daunting 
task.” 

An FBI fingerprinting team was being 
brought in to identify bodies. Local emer- 
gency officials said the plane's “black 
box/’ the flight data recorder, had been 
recovered. 

Aliquippa, a former steel town on the 
Ohio River, is 20 miles (30 kilometers) 
northwest of Pittsburgh* The Boeing 737- 
300 was coming in for a landing at nearby 

See JET, Page 8 


Golf as a Slice of Life: Presidents Rarely Come Up to Par 


By Ellen Ladowsky 

Washington Poet Service 

WASHINGTON — For the second year running, 
the reporters following President Bill Clinton on 
vacation missed the big story in Martha’s Vineyard: 


Mr. Clinton is an aggressive golfer who has been 
pursuing the sport since junior high school. Yet there 
has been no careful analysis of his game. 

This lapse is all the more astonishing given that 
golf has become the quasi-official presidential sport. 

Every recent occupant of the White House except 
Jimmy Carter has played the game, and presidents as 
far as William Howard Taft have owned a sel of 

dubs. Anyone remotely familiar with the game un- 
derstands that it is on the links that the full presiden- 


tial personality, with all its quirks and flaws, bursts 

through. 

Consider Mr. Clinton. He is the master of the 
mullig an, the widely invoked golfing privilege that 
allows players to rehit a shot they would rather not 
remember] Nothing seems a better metaphor for Mr. 
Oimon’s own career of missteps and regrets. 

His game reflects his politics in other subtle ways. 
Fittingly, he hits the ball with a slow fade, moving it 
across the fairway from left to righL And his typical 
game can last as long as six hours, inconceivable for 
the average golfer but understandable for a man who 
took months to choose a Supreme Court nominee. 

What a contrast to President George Bush, who 
was clearly a politician and golfer of the old school. 
His WASP breeding taught him to accept the bad 


shots in stride and get on with it. Playing a round 
with the writer Dan Jenkins, he refused to take a 
mulligan on even the most embarrassing flubs, insist- 
ing that he was “too proud.” 

Mr. Bush would rush through 18 holes in under 
two hours, much the way he would dash through his 
speeches, more anxious to finish than reflect on his 
work. He never took a golf lesson in his life, and his 
swing, like his presidency, always retained an unpol- 
ished, slightly improvised look. 

As closely as their games mirrored their politics, 
neither Mr. Clinton nor Mr. Bush can be compared 
to Dwight Eisenhower. For him, golf was indistin- 
guishable from the presidency. 

He treated his two terms in office as the beginning 
of a golf retiremenL In eight years he played more 


than 800 rounds of golf, more than 200 of them at 
Augusta National in Georgia, home of the Masters 
tournament, where he had a cabin just off the fair- 
way. 

Major policy announcements were frequently 
made from the clubhouse before he teed off in the 
morning. Yet even when he was back in Washington, 
golf was never far from his mind. Vice President 
Richard Nixon reported that Mr. Eisenhower would 
typically work off the tension of a National Security 
Council meeting by taking a 5-iron to the South 
Lawn. He routinely wore his spikes in the Oval 
Office. leaving puncture marks in the floor. 

Mr. Nixon treated his golf game the same way he 

See CLINTON, Page 8 









Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 10-11, 1994 



H- 


Bosnia and Greek- Albanian Tension on EU Front Burner 


Compiled by Our Staff Frm Dapatchet 

. BERLIN — European Union for- 
eign min isters this weekend will debate 
bow to head off a potentially disas- 
trous worsening of the war in Bosnia 
and try to defuse growing tension be- 
tween Greece and Albania. 

. The EU ministers will meet against 
the backdrop of reports from the Unit- 
ed Nations that President Slobodan 
Milosevic of Serbia has accepted a 
compromise plan for monitoring the 
trade embargo he has imposed on the 
Bosnian Serbs. 


In return, the reports, which quoted 
Western diplomats, said the UN Secu- 
rity Council would move to ease sanc- 
tions on Serbia as early as next week. 

The United States, Britain, France, 
Germany, and Russia, the members of 


the so-called contact group of coun- 
tries trying to obtain peace in Bosnia, 
announced this week that if the Serbs 
agreed to allow international observers 
to watch their borders, the economic 
embargo against Serbia would be pro- 
gressively relaxed. 

Mr. Milosevic imposed the trade 
embargo on his former protfigfe in 
Bosnia last month, after the Bosnian 
Serbs rejected the contact group's 
peace plan. The foreign powers had 
made the Bosnian Serbs' acceptance of 
the peace plan a condition for a lifting 
of the international trade sanctions on 
the rump state of Yugoslavia, which 
comprises Serbia and Montenegro. 

By its action on Thursday, the con- 
tact group has agreed to ease sanctions 
if it can satisfy itself that the Milosevic 
government is making a sincere effort 


to deny military supplies to the Bosni- 
an Serbs. 

The new plait, American and other 
diplomats in Berlin said, foresees the 
stationing of up to 200 civilian moni- 
tors along the frontier, which hugely 
follows the Drina River. The monitors 
would have the task of certifying that 


If Mr. Milosevic sticks to the moni- 


toring plan, many diplomats in Berlin 
say President Bill Clinton will have 
Utue chance of persuading the Security 
Council to lift its arms embaigo on the 
Bosnian government, as he has said he 
will try to do if the Bosnian Serbs have 
not made peace by Oct. IS. 

The United States cannot violate the 
arms embargo unilaterally without en- 
couraging other countries to breach 
Security Council trade embargoes that 
Washington favors, including those 
against Iraq, Libya, and Haiti. 


between the Serbs and a Croatian- 
Muslim alliance. 


WORLD BRIEFS 

U.S. Eases Stance on North Korea 




M 


Yugoslavia is continuing to supply the 
Bosnian Serbs with food and other 


Bosnian Serbs with food and other 
relief goods while at the same time 
ensuring that it does not send in fuel, 
weapons, amm unition, or other strate- 
gic material 

As a reward for accepting the moni- 
tors, the contact-group countries will 
recommend that the Security Council 
temporarily reopen Yugoslav airports 
to international flights and lift the ban 
on Yugoslav participation in interna- 
tional sporting and cultural events. 


The EU ministare, who will meet on 
Germany’s Baltic island of Usedom, 
will also discuss how the international 
community should react if the Bosnian 
Serbs continue to reject the peace plan 
dividing Bosnia more or less equally 


U.S. pressure to lift the arms embar- 
go against Bosnia if the Bosnian Serbs 
do not accept the peace plan by Oct. 15 
has alarmed Britain ana France, whose 
troops are a major part of the UN 
peacekeeping force in Bosnia. 

Despite EU appeals for restraint in 
a dispute between Greece and Alba- 
nia, minis ters will be faced with poten- 
tially explosive new developments fol- 
lowing an Albanian court’s conviction 
of five ethnic Greeks on spying 
charges. 

Athens has recalled its ambassador 
from Tirana for consultations and 
charged the Albanian government 
with violating human rights. 

(Reuters, NYT) 


WASHINGTON (AP) —The United States will not require, as 
part of a final nuclear settlement with North Korea, that interna- 
tional inspectors first be allowed to uncover the full history of its 
atomic program, an American official said Friday. $r 

The official, Robert L. GaDucd, assistant secretary of state and 
chief U.S. negotiator with North Korea, said at a news conference 
that “special inspections” to find how much plutonium North 
Korea produced in the past could be carried out months or even 
years after a settlement. . . . _ • 

His comments came a day before American and North Korean 

officials were to meet in Pyongyang to discuss setting up liaison 
offices in each other’s capitals. Officials of both countries are also 
to meet Saturday in Berlin to discuss fin d ing modem replace- 
ments for the North’s nuclear reactors. 


*'%*■*■ 


s •• *** 


Key German Vote 
In 2 Eastern States 


■■ V?**,** r. -5 


[i 


Free Democrats Are on Edge 


Return 

BERLIN — Two eastern 
states will vote on Sunday in 
elections that could help Chan- 
cellor Helmut Kohl's coalition 
partners retain the role of king- 
makers in Bonn or force them 
to band it over to the reform 
Communists. 

Mr. Kohl's Christian Demo- 
cratic Union is expected to roll 
to an easy victory in Saxony, 
while his main opponents in 
Bonn, the Social Democrats, 
are hoping for a large victory in 
Brandenburg. 

But the voting will be crucial 
for the Free Democratic Party, 
which is flagging badly after 
losing all its seats in three state 
assemblies and in the European 
Parliament over the last year, 
and for the Party of Democratic 
Socialism, the framer Commu- 
nists, which hopes to confirm 
its recent strong showings. 

Another loss for the Free 
Democratic Party, which may 
not win the minimum 5 percent 
of the popular vote to enter Par- 
liament in either state, could 
further erode its chances of 
clearing the same hurdle to stay 
in the federal Parliament in a 
general election Ocl 16, cam- 
paign strategists say. 

More solid returns for the 
Party of Democratic Socialism, 
which is expected to win 15 per- 
cent in Saxony and 20 percent 
in Brandenburg, could help 
thrust the party back into the 
Bonn Parliament in October. 


majority and open two new op- 
tions in Bonn. 

One possibility would be an 
unwanted “grand coalition" 
with the Social Democrats, a 
marriage made to avoid any 
government with the Party of 
Democratic Socialism, and the 
other a “traffic light coalition” 
of the Social Democratic Party, 
the Greens and a Free Demo- 


- * ** * 






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• • ■■ 

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cratic Party ready to jump ship 
after 12 years with Mr. Kohl 


after 12 years with Mr. Kohl 
A grand coalition would be a 
sobering reversal for the Free 
Democratic Party, which until 
now has usually controlled the 
crucial few percentage points 
the Christian Democrats and 
the Socialists have needed to 
form a government and thus 
entered most post- World War 
n coalitions. 


In Saxony, the incumbent 
iristian Democrat premier. 


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Sinn Fein Chief Applies to Visit U.S. 

BELFAST (Renters) — Geny Adams, head of the Irish Repub- 
lican Army’s political wing, Sinn Fein, confirmed on Friday feat 
he had applied for a U.S. visa. . _ _ _ 

A Dublin newspaper. The Irish Times, quoting U.S. congressio- 
nal sources, earlier reported that Mr. Adams would be invited by 
the Senate Foreign Relations Committee, and that President Bill 
Clinton would authorize the visa. 

The paper said that Mr. Adams would meet with members of 
Congress in Washington also visit New York, P hilade l phi a , 
Boston, Chicago and San Francisco to brief Irish- Americans on 
Northern Ireland peace moves. 


Documents Seized in Olivetti Inquiry * 


ROME (Reuters) — The police, acting on the orders of a Rome 
magistrate, have seized documents from the Treasury Ministry^ 
relating to a bid by Olivetti SpA to supply the ministry with 



the radars of Maria 
g a yearlong inviesti- 




This could go some ways to- 
ward denying Mr. Kohl’s cen- 
ter-right coalition an overall 


Christian Democrat premier, 
Kurt Biedenkopf, is expected to 
defeat a Socialist challenger, 
Karl- Heinz KunckeL 

In Brandenburg, another 
popular incumbent, Manfred 
Stolpe, the Socialist premier, 
figures to win against the Chris- 
tian Democrat candidate, Peter 
Wagner. 

The Free Democrats, who 
failed to dear the 5 percent hur- 
dle in Hamburg, Lower Saxony 
and Saxony Anhalt as well as in 
fee European parliament ballot 
in June, are fighting for politi- 
cal life in both Saxony and 
Brandenburg. 

_ The Party of Democratic So- 
cialism, meanwhile, sees strong 
results in both states propelling 
it over the 5 percent hurdle in 
October. 


!T-f . - 

■; ‘ - 

» * ^ ^ - > 

— .--v - 


was briefly held for questioning last November on suspicion of 
authorizing bribes more than $7 million fra contracts from the 
postal authority and supplying it with outdated equipment. 

Miss Cordova ordered the documents seized after the Radical 
Party leader, Marco Pannella, called in Parliament fra the .revok- 
ing of two tenders launched in May 1993 fra supplying 1,566 
word-processing systems for the Treasury and 600 systems fra the 
Defense Ministry. He charged that the systems had been “com- 
pletely overtaken by technological developments in the sector.” 




Taflhook Sex-Abuse Case Is Settled 






-icv.r 
V •*:***-—■ -J 


Rdfdurd Kiaox/Remm 


Defense Secretary William J. Perry of fee United States and fee German defense minister, Volker Robe, following 
German troops carrying a wreath in a ceremony in Berlin mi Friday at a memorial to fee mOQtaiy resistance to Hitler. 


Russia in NATO? Germany and the U.S. Differ 


By Stephen Kinzer 

Sew York Tuna Service 

BERLIN — Senior German and Ameri- 
can officials agreed Friday feat Russia 
could not become a member of NATO 
soon, but their agreement was oouched in 
terms suggesting that fee United States 
was more open to Russian membership at 
some future point. 

“If Russia becomes a member of 
NATO, then NATO becomes like a United 
Nations of Europe,” the German defense 
minister, Volker Robe, said at a conference 
here “This isn’t going to work, and why 
should we lie about it?” 


He asserted that Poland, Hungary, the 
Czech Republic and Slovakia deserved to 
become members of NATO and the Euro- 
pean Union because, unlike Russia, “they 
belong to the European system, and they 
were artificially separated from it” 

The U.S. defense secretary, William J. 
Perry, agreed that Central European na- 
tions had stronger credentials than Russia. 
But he refused to rule out the possibility 
that Russia might eventually join. 

Several participants in fee conference 
suggested to Mr. Perry that the United 
States was excessively concerned about 
Russian reaction to NATO expansion in 


Central Europe. They recommended feat 
fee United States admit Russia only after 
it has proved its peaceful intentions. 

“No other country in any other era had 
20,000 nuclear weapons,” Mr. Perry re- 
sponded. “All of our thinking wife regard 
to Russia has to keep feat fact front and 
center.” 

The conference, which attracted high- 
level German and American delegations, 
was called by fee U.S. ambassador to Ger- 
many, Richard C. Holbrooke, who is about 
to leave Germany to take office as assis- 
tant secretary of state for European and 
Canadian affairs. 


' WASHINGTON (NYT) — Only days before trial of a lawsuit 
over the bawdy 1991 Las Vegas convention of a naval aviators’ 
group, fee Tailhook Association, the group has reached a settle- 
ment with the plaintiff, a framer US. Navy lieutenant who was 
among the women sexually abused there 

The settlement was disclosed by lawyers for the association and 
Paula A. Coughlin, who filed the suit last year. The terms were not 
disclosed. The settlement leaves the Las Vegas Hilton, where the 
convention was held, as the only remaining defendant Ms. 
Coughlin resigned from fee service on May 31, citing what she 
described as unrelenting pressure resulting from her complaint. 

Pentagon investigators concluded that 83 women were assault- 
ed or harassed by drunken aviators. One was Ms. Coughlin, then a 
navy helicopter pilot, who has said that she was groped in a • 
crowded corridor one night during the convention. 


Satellite Launched by Ariane Is Lost 


Pilot Fired Before Identifying Helicopters 


By John F. Harris 

Washington Peat Service 

WASHINGTON — The air 
force F-15 pilot involved in 
shooting down two U.S. Army 
helicopters over northern Iraq 
in April acknowledged to inves- 
tigators that he carried through 
with the attack even though he 
had not positively identified the 
helicopters. 

He and others told investiga- 
tors that the incident was an 
honest mistake, the result of a 
tangled series of misunder- 
standings and procedural 
breakdowns involving many 
different people. 

An AWACS radar plane 
crew failed to tell fee pilots the 
helicopters were American, 
failed to ensure that the aircraft 


ant Colonel Randy W. May, are 
a dear sign that air force com- 
manders intend to hold specific 
individuals directly account- 
able, analysts said. 


If found guilty of fee negh- 
nt homidde charges. Colonel 


gent homidde charges. Colonel 
May could be sent to prison for 
up to 26 years. 

Also charged with numerous 
counts of dereliction of duty 
Thursday were five crew mem- 
bers of the Airborne Warning 
and Control System plane pa- 
trolling the skies over Iraq on 
April 14. 

Thursday’s developments are 
the start of fee military judicial 
process. Those charged will 
next be given an “Article 32” 


hearing, which is roughly simi- 
lar to a civilian grand jury pro- 
ceeding. 

The F-15 pilots told investi- 
gators they thought they were 
firing at Iraqi helicopters violat- 
ing an allied ban on flights over 
a safe zone established at fee 
end of the Gulf War to protect 
Iraq’s persecuted Kurdish mi- 
nority. The Black Hawk heli- 


copters, carrying a delegation 
of U.S. and allied officials on a 


of U.S. and allied offidals on a 
trip to Kurdish villages, looked 
like Soviet-built Hind helicop- 
ters of fee kind Iraq owns, fee 
pilots said. 

But Colonel May made a crit- 
ical error, according to an air 
force officer. He was flying as 


wingmau in the two-man for- 
mation when fee lead pilot 
called out that he had visually 
identified two Hinds, and asked 
Coland May to confirm the 
identification. 

Colonel May then called out 
“Tally Two” on his radio, which 
fee lead pilot took as confirma- 
tion. First the lead pilot, then 
Colonel May, fired missiles. 

In fact, Colonel May told in- 
vestigators, he never dearly saw 
the helicopters before calling 
“Tally Two” 

“I did not identify them as 
friendly; I did not identity them 
as hostile,” according to a tran- 
script of his interview with in- 
vestigators. 


$27 Million Lottery Jackpot 
Focuses German Attention 


for American Telephone Sc Telegraph Co. by a West European 
Ariane rocket was lost after being placed into orbit, an official of 
fee U.S. communications company said Friday. 

Karl Savatiei, vice president and general manager of AT&T 
Skynet, said fee 7,500-pound (3 ,400-kilogram) Tdstar 402 satel- 
lite, launched Thursday from French Guiana, would probably 
never function. Tdstar 402, fee second in a series of three 
satellites, was to provide voice, video and data transmission in 
North America. Mexico and fee Caribbean. - ; - ; 

“We lost communications wife- fee Tdstar 402 a pprox im ately 
10 minutes after it separated from its launch, vehicle, indicating a 
major malfunction,” he said by telephone from the European 
Space Agency launching center in Kourbu, French Guinea. A 
spokesman at the Paris headquarters of the rocket's manufacturer, 
Arianespace, said feat the launching had been successful but that 
it appeared fee satellite had started spinning as it passed over 
Mauritius. 


BONN — Millions of Germans will be glued to fear 
television sets on Saturday for a lottery draw that has become 
a national obsession as the unclaimed jackpot has risen to 42 
million Deutsche marks. 

Germans will not be fee only ones holding their breath. 
Hundreds of Austrians, Dutch and Swiss have been crossing 
into Germany to try their luck in the lottery. 

Border policemen in fee Bavarian town of Freilassing 
reported delays of up to 45 minutes at fee Austrian-German - 
frontier on Friday as streams of Austrians crossed into 
Germany and made for the lottoy shops. 


Pressure Mounts on Lesotho’s King 

MASERU, Lesotho (AP) — South African jet fighters flew over 
Lesotho’s military barracks on Friday, apparently in a show of 
force, and strikers shut down the country to demand restoration 
of the elected government 


There was no violence or military activity reported in Lesotho. 
Vacant streets and locked businesses showed tne effectiveness of 
the strike called by supporters of Prime Minister Ntsu Mokhehle, 
whose government was thrown out Aug. 17 by King Letsie IEL 
Talks involving the king, Mr. Mokhehle and envoys from South 
Africa and other nations were suspended Wednesday after the 
sudden death of Letsie’s sister. The South African envoy b ad said 
Tuesday that an agreement was imminent for Letsie to restore the 
Mokhele government in exchange for faille on fee powers of-fee 
monarchy. 


The jackpot, equal to S27 million, is at record high levels 
ecause it has not been won for 10 weeks running. 


because it has not been won for 10 weeks running. 

In last Saturday’s draw, 10 people won nearly 2 million 


marks each by correctly guessing six numbers, but nobody 
managed to pick fee additional “super number” to win the 
jackpot 


TRAVEL UPDATE 


used fee right identification 
codes and faded to make sure 
that fee entire area was proper- 
ly monitored, according to air 
force documents. 

But the charges filed Thurs- 
day against the pilot Li eaten- 


German Accused of Racism Leaves Cairo Meeting 


The Associated Press 


UNIVERSITY DEGREE 

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ffsStW Fbc or a«nd debated muni lor 


Pacific Western Uni 

2875 S. Kino Street, Dev 
Honolulu, HI B8826 


BONN — A German dele- 
gate left fee United Nations 
population conference in Cairo 
on Friday amid a controversy 
over statements she had made 
feat seemed to endorse fee idea 
that Africans were less intelli- 
gent than other people. 

The delegate, Charlotte 
HGhn, asked to be relieved so 
she could “take legal steps” 
against those accusing her of 
racism, the Interior Ministry 
said. It added feat fee ministry 
had asked her to give her ver- 
sion of fee episode when she 
returned, 


fused to recall Mrs. HQhn de- 
spite angry complaints from the 


Jewish community and fee op- 
position. She heads the Popula- 
tion Research Institute, a gov- 
ernment center, and had been 
an official delegate at the con- 
ference. 

In an interview, excerpts of 
which were published Sept. 3 in 
the Berlin newspaper tageszri- 
tung, Mrs. Hdhn complained 
that scientific inquiry into race 
and intelligence was being cen- 
sored. 

She said there were taboos 
aga i n st population research be- 
cause fee field's reputation was 
colored by the fact that racial 


The ministry had earlier re- 


and genetic theories had been 
applied by the Nazis in the ex- 
termination of Jews, Slavs, the 
disabled and fee insane. 


Indians KiU 11 
On Kashmir Bus 


Greek Air Unions Threaten a Strike 


I) Signs of 


“There are differences in in- 
telligence among different peo- 
ples,” Mrs. Hdhn said in a tran- 
script that tageszeitung 
provided to The Associated 
Press. 


“Maybe it isn’t correct to say 
higher or lower intelligence, but 
any discussion of fee subject is 
forbidden. There are bans on 


certain thoughts. And I’m sor- 
ry, but that’s unscientific.” 


Asked exactly what ideas 
were forbidden, fee said, “For 


example, to say that the average 
intelligence of Africans is lower 
than others.” 

In a statement distributed by 
the Interior Ministry, Mrs. 
HOhn said fee did not personal- 
ly agree wife fee comment 
about Africans’ intelligence but 
had given it as an example in 
the discussion about freedom of 
thought. 

She complained that the in- 
terview, conducted in April fra 
a book, had been printed in 
tageszeitung without her per- 
mission. The authors said they 
felt that Mrs. HShn’s views 
should be circulated, since she 
represented fee government 


The Associated Pros 

SRINAGAR, India — Indi- 
an troops fighting Muslim re- 
bels in Kashmir opened fire on 
a passenger bus, wiling 2 1 peo- 
ple and wounding nine, officials 
said Friday. 

State offidals in Kashmir 
said the government troops re- 
turned the fire of rebels on fee 
bus in Bandipore on Thursday 
and that weapons were recov- 
ered from the bus. 

Residents said there was no 
fire from fee bus. A protest 
strike against the shooting 
dosed the towns, fee Press 
Trust of India reported. 


ATHENS (Reuters) — Greek airline unions threatened Friday 
to strike over a draft government bill that calls on Olympic 
Airways workers to accept wage freezes, early retirement and 
benefit cuts or be fired. 

“This is not what we had agreed on wife fee government, and if 
they inast cm passing fee bill, we will certainly strike,” said 
Dimitris Tsatsoulides, vice president of Federation of Civil Avia- 
tion Unions. The draft bill by fee ruling soc ialis ts was leaked to 
fee press by fee federation and is expected to be voted <m by 
Parliament this month. 

, The BYendi town of Condom plans a museum on fee contracep- 
tive to cash in on foreign tourists who snigger at the name The 
word “condom” in French has Latin rootslmked to the conflu- 
enre of two rivers and has nothing to do with the contraceptive, 
although fee creeping influence of English means feat some 
French people use fee word in its En glish sense. (Reuters) 

Slovakia and Austria wffl open a third border border crossing, at 
Moravsky Jan-Hohenau, at fee end of fee month. (Reuters) 

Acholera epidemic is spreading in Siena Leone, where 90 
people have died of the disease among about 1,000 registered 
cases. (AFP) 


T . 

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KVTERNATIONAL HERALD TRIBUNE. SATURDAY - S UND AY , SEPTEMBER 10-11, 1994 


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By Ronald Smothers 

jVew York Tunes Service 

OZARK, Alabama — From 
almost the day President Bill 
Clinton entered the White 
House, Senator Richard C. 
Shelby has been at his beds, a 
nettlesome and outspoken, crit- 
ic. Never mind that Mr. Clinton 
is from Arkansas and Mr. Shel- 
by is from Alabama or that 
both are Democrats. 

Although the positions that 
Mr. Shelby has taken reflect the 
native conservatism of Ala- 
bama, what has made him stand 
out from other conservative 
Southern Democrats is the 
flourish and relish with which 
the two-term junior senator has 
consistently opposed the presi- 
dent. 

For instance, Mr. Shelby sid- 
ed with Republicans in an 1 1th- 
hour bid to scuttle the crime 
bill, at a time when its passage 
was crucial for Mr. Clinton. 

. And' as the administration 


was pressing its health-care 
measure, Mr. Shelby was hold- 
ing news conferences with Sen- 
ator Phil Gr amm, Republican 
of Texas, who is a leading critic 
of the legislation. He also co- 
sponsored an alternative 
health-care plan backed by con- 
servative Republicans. 

Last year at this time, Mr. 
Shelby was trumpeting the fact 
that he was one of the first of six 
Democrats to oppose the presi- 
dent's budget as a tax-and- 
spend prescription, forcing Vice 
President A1 Gore to cast a tie- 
breaking vote in the Senate. 

As the 60-year-old Democrat 
travels the state from Muscle 
Shoals to Mobile, from Athens 
to Anniston, there is some 
grumbling about his chummi- 
ness with the likes of Mr. 

G ramm 

“Some or us are somewhat 
distressed, not so much because 
he exercised his independence, 
but because of the zeal with 


which he did it," said Greg 
Hawley, the Democratic chair- 
man of Jefferson County, in the 
Birmingham area. “We don’t 
expect him to be in lockstep 
with the Democratic leadership, 
but we also don’t expect him to 
be in lockstep with the Republi- 
can leadership, as he has been 
lately." 

While some in the state spec- 
ulate that Mr. Shelby may be 
poised to switch parlies, as Mr. 
Gramm did 1 1 years ago. many 
political observers dismiss such 
speculation. 

While Alabama is still largel ly 
Democratic, all the Republican 
presidential candidates have 
carried it since Ronald Reagan 
in 1980. But the Democratic 
Party label still means a great 
deal. By re maining a registered 
Democrat while taJJung Repub- 
lican, Mr. Shelby avoids being 
outflanked from either end of 
the ideological spectrum. 

The senator himself dismiss- 


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POLITICAL NOTES 




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Politicians Plug Crime Ticfcet 

WASHINGTON — The grainy black- 
and-white footage shows a man abducting a 
woman in a parking garage, his gun pointed 
at her temple. A moment later, a police offi- 
cer is pulling a blanket over her lifeless body. 

'Texas is considered the third most dan- 
gerous state in the nation.” says George W. 
Bush, the Republican candidate for gover- 
nor. “No wonder, because in the last three 
years 7,700 criminals have been released early 
from prison.’’ 

The stark images of violence linger with the 
viewer. “It was just my sound man accosting 
the makeup woman, but it looks very real." 
said Don Sipple, a Republican consultant. 
Seemingly endless versions of that commer- 
cial are playing in living rooms across Ameri- 
ca. Republicans and Democrats, men and 
women, incumbents and challengers are all 
touting their tough -on-crime credentials in 
the elections. 

“We have spent more time with police 
officers than we ever anticipated in a life- 
time.” said Mahdy Grunwald, President 
Clinton's media adviser, whose Arm is han- 
dling 10 local races. “We have filmed cops or 
jails or boot camps in every state we're work- 
ing in." 

Six years after George Bush's presidential 
campaign turned furloughed murderer Willie 
Horton into a national symbol of Democratic 
softheadedness, the spirit of Hortonism is 
thriving in this year's air wars. 

Although other traditional hot-biitton is- 
sues — welfare, taxes, immigration, personal 
ethics — also are prominent, crime remains 
the 30-second weapon of choice, and the 
charge most often is that' an incumbent is 
responsible for turning dangerous inmates 
loose. “Many of these parolees have gone on 
to rape, rob and murder again.” says an ad 
for Bonnie Campbell, the Democratic candi- 
date for governor of Iowa. 

In New York. George Pataki, the little- 
known Republican challenging Governor 
Mario M. Cuomo, a Democrat, has aired this 
ad: “It’s shocking but true. In New York 
today, if you’re convicted of a felony, you'll 
only serve on average two years and seven 
months in prison." 

Democratic incumbents are hardly ceding 
the issue. An ad for Senator Dianne Fein- 
stein, Democrat of California, says she has 
been “a strong, sometimes lonely voice for 
the death penalty in the Democratic Party," 
and has fought “to ban assault weapons" and 
pass “the toughest anti-crime package ever." 

The dav after Congress passed the S30 
billion crime bill Senator Edward M. Kenne- 
dy. Democrat of Massachusetts, took to the 


airwaves with an ad that said: “He fought 
successfully for the bill that will put 2.300 
new police on Massachusetts streets. And 
impose life sentences for three-time violent 
offenders." i H P) 

Jeb Bush in a Runoff in Florida 

MIAMI — Jeb Bush finished the Republi- 
can gubernatorial primary race well ahead of 
his Florida competition' but failed to get 
enough of the vote to avoid a runoff. Gover- 
nor Lawton Chiles easily won the Democrat- 
ic nomination. 

Mr. Bush, the 4! -year-old son of the for- 
mer president, came within 4 percentage 
points of winning the nomination outright in 
Thursday's primary. He will face Secretary of 
State Jim Smith in an Oct. 4 runoff. But he 
talked about that race as if it were a formali- 
ty, and urged Republicans to concentrate 
instead on beating Mr. Chiles. 

Mr. Chiles, who has never lost an election 
in 35 years of Florida politics, has seen his 
sagging popularity bolstered by his handling 
of the Cuban refugee crisis. (A P) 


Bay of Blandness for Capital 

WASHINGTON — Turning blandness 
into a virtue may just make John Ray the 
next mayor of the national capital. 

Although he has been a city councilman 
for 16 years, Mr. Ray is so unassuming thai 
most voters still have no idea who he is. Three 
times before this campaign, he ran for mayor. 
And three times he failed. 

.But in a city where the eurrem mayor has 
failed to reduce crime substantially, to solve 
financial problems and to stave off a declin- 
ing tax base brought on by middle-class flight 
— and where Marion S. Barry Jr., the former 
mayor convicted of drug possession, has a 
strong chance of regaining the office — Mr. 
Ray has appeal. 

According to (he latest public opinion 
polls. Mr. Ray and Mr. Barry are in a dead 
heat to become the Democratic mayoral can- 
didate in Tuesday’s primary election. And the 
current mayor, Sharon Pratt Kelly, who was 
elected four years ago because of the assur- 
ance that she was unbeholden to the en- 
trenched powers, is now far behind her chal- 
lengers. f.VJT/ 


Quote/If nquote 


Ross Perot, former independent presiden- 
tial candidate, speaking in Washington about 
his scheduling of 10 pre-election rallies: “It is 
time to light the fire again." (API 


es the speculation that he might 
change parties, even while aim- 
ing another barb at Mr. Clin- 
ton. 

“I have no intention of 
switching parties,” he said in an 
interview. “I can be more effec- 
tive inside the Democratic Par- 
ty by moving them to the righL. 
President Clinton ran as a new 
Democrat, and we thought we 
were getting a centrist. Bui he 
has not been thaL In order for 
rite president to survive, he has 
to move back toward the center. 
He's a smart politician and very 
resilient, and I think he’ll do 
that" 

So far, it appears that Mr. 
Shelby has not been hurt at 
home by his outspoken criti- 
cism of the president and his 
brazeo flirtation with Republi- 
can positions. 

Natalie Davis, a pollster and 
political science professor at 
Birmingham Southern College, 
said polls showed Mr. Shelby 
with a 67 percent approval rat- 
ing, as against a 48 percent ap- 
proval rating for the state's se- 
nior senator. Howell Heflin, a 
Democrat. Mr. Heflin probably 
votes as conservatively as Mr. 
Shelby and against the presi- 
dent just as often, but with less 
fanfare. 

“Bashing Clinton is becom- 
ing. a political plus for Shelby." 
said Ms. Davis. “He’s political- 
ly astute, and I suspect there is a 
good deal of calculation in what 
he does ” 

But the senator's anti-admin- 
istration posture has worn thin 
with some blacks in Alabama, 
who today represent nearly 30 
percent of the voters and more 
than 40 percent of the depend- 
able Democratic primary vote. 

James Jarmon, a school prin- 
cipal and city councilman in 
Ozark, said that lately he and 
many other black voters had 
been disappointed with Mr. 
Shelby for his opposition to 
changes in the health care sys- 
tem dial would put the cost’ of 
increased coverage on employ- 
ers, and for his opposition to 
the crime bill as too weak. 

Mr. Jarmon also said he was 
disappointed with Mr. Shelby's 
constant criticism of Mr. Clin- 
ton and with the senator's at- 
tacks on the municipal govern- 
ment in the District of 
Columbia, which is predomi- 
nantly black. 

“I hear rumors that he might 

S o to the Republican Party, and 
ic fact is for me. it wouldn't 
matter that much if he did," 
said Mr. Jarmon. 

Mr. Shelby noted that he had 
for the most part been solidly 
behind Mr. Clinton in foreign 
policy. He also pointed out that 
he had deferred to the president 
on most cabinet and subcabinet 
appointments, although he 
thought many were “not the 
strongest." 

But still, when it comes to 
“core values" like taxes and 
“the economic well-being of 
.America." he said, he will not 
hesitate to criticize. 

“1 could look the other way 
on these issues, but it would he 
intellectually dishonest," said 
Mr. Shelby. “I see myself as a 
Harry Truman Democrat, 
someone who is outspoken, 
who knows who he is and who 
knows where he comes from.” 


(Big) Signs of the Times in Times Square 


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By Stuart Elliott 

New York Timet Service 

NEW YORK — For de- 
cades, Times Square has been 
called the crossroads of the 
world. Now it appears that 
Times Square is becoming a 
town square, too. 

An increasing number of gi- 
ant signs — spectaculars, in the 
parlance of the outdoor adver- 
tising industry — are promot- 
ing debate on such social issues 
as gun control, AIDS and nutri- 
tion. 

These paid pitches stand 
alongside the big billboards 
dedicated to conventional sales 
messages for products like 
jeans, soft drinks and under- 
wear. 

Since last week, visitors to 
Times Square have gaped at a 
blocklong spectacular implor- 
ing them: “Cut fat intake and 
live longer!” 

The sign, which replaced a 
Camel cigarette spectacular, is 
sponsored by Phil Sokolof, a 
wealthy industrialist who rent- 
ed it through Oct. 31. 

Mr. Sokolof, known for cru- 
sading against fat and choles- 
terol, bought the sign to help 


“make the American public eat 
healthier foods and live long- 
er," he. said. It advertises a su- 
permarket sweepstakes he cre- 
ated to generate interest in the 
new nutritional labels on. food 
packages. 

Mr. Sokolof s sign joins so- 


quently runs public service an- 
nouncements. 

“This could be the start of 
usm° Times Square as a forum, 
a village green," said Jason Per- 
line, chairman at Van Wagner 
Communications, the New 
York outdoor advertising com- 


This could be the start of using Times 
Square as a forum, a village green. 9 

Jason Periine, a billboard executive 


rial-issue signs that include a 
“death clock” counting the 
mounting fatalities caused by 
handguns since Jan. I; a sign 
for Kenar, an apparel company, 
that often carries ads support- 
ing efforts to right AIDS, and a 
Sony video screen that fre- 


pany that produced Mr. Soko- 
lofs sign. 

Tama Starr, president of 
Artkrafl Strauss Sign Coip. in 
New York, which produced the 
handgun clock, said: “While it's 
a new idea, it's also an old idea 
During World War II, we built 


a copy of the Statue of Liberty 
and a giant cash register in 
Times Square to sell war 
bonds." 

Many issues addressed by the 
contemporary signs, however, 
do not enjoy the same broad 
public support that battling the 
Axis did. 

Some people did not like the 
handgun clock. Ms. Starr said, 
adding: “They said. “Don't you 
dare put that up.' They tried to 
put me out of business." The 
reason, she said, was their belief 
that the sign “would be bad for 
Times Square." 

She compared that reaction 
with the overwhelming approv- 
al for the national-debt clock at 
43d Street and the Avenue of 
the Americas, sponsored since 
1989 by Seymour B. Durst, a 
real -estate developer. 



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2 ‘Visions’ 
Of Quebec 
Facing Off 
On Monday 

The Associated Press 

MONTREAL — Jose Simon 
was gamely trudging through a 
working-class French-speaking 
neighborhood here, knocking 
on doors, shaking bands, un- 
daunted by the fact that his is 
an uphill battle. 

It is districts like this that Mr. 
Simon's Liberal Party must win 
in Monday's provincial election 
if it is to prevent a landslide by 
the separatist Parti Qu&b&ols 
and avoid a referendum on in- 
dependence for Quebec. 

For months, the polls have 
shown the Parti Queb6cois with 
a comfortable lead over the Lib- 
erals in the campaign for the 
125 seats in the Quebec legisla- 
ture. The Liberals have held 
power in this province of 7 mil- 
lion people for the past nine 
years. 

The Parti Quebecois leader, 
Jacques Parizeau, says that if 
his party forms the next govern- 
ment, he will hold a referendum 
on independence within a year. 

The polls, however, indicate 
that will not happen. Although 
most surveys show the Parti 
Quebecois with a wide lead in 
the election, the same polls sug- 
gest that a referendum would 
fail by an equally wide margin. 

Mr. Simon, 38. the bead of 
purchasing; for a petrochemical 
company, is a first-time candi- 
date r unning in an eastern 
Montreal district along the Sl 



TjuI Chun i»n The .\> M « 


Jacques Parizeau, right, the Parti Quebecois leader, talking with a student in Montreal. 


Lawrence River, home to a 
port, refineries and numerous 
small and medium-sized busi- 
nesses. It is also 90 percent 
French-speaking. 

The Parti Quebecois has 
overwhelming support among 
francophone voters, and this 
district has sent a representative 
of the party to Quebec City, the 
provincial capital, for the' past 
24 years. 

“There are two opposing vi- 
sions of the way Quebec is 
seen," Mr. Simon, a franco- 
phone, said during a pause in 
his door-to-door campai gnin g. 
“For the PQ, francophone Que- 


beckers have no confidence, 
they cannot progress, they must 
separate to be sure of them- 
selves. You must cut off the 
right arm for the left arm to be 
stronger. 

“I'm fighting for the Liberal 
cause and also for the united 
cause of Canada.” 

Premier Daniel Johnson, a 
francophone despite his English 
surname, has not been able to 
stir the passions of the voters, 
and in recent days seems to be 
getting desperate. 

After vowing not to discuss 
constitutional reform, a subject 
that preoccupied much of Can- 


ada over the past five years, Mr. 
Johnson said this week that be 
would be ready to start a new 
round of talks should the Liber- 
als win. 

Two attempts to amend the 
constitution and give more 
powers to Quebec have failed 
since 1990. 

In a radio interview. Mr. 
Johnson said his goal was "just 
a matter of reforming the con- 
stitution while recognizing 
Quebec is a different society 
than the rest of North Ameri- 
ca." 

“There is a need to recognize 
that historical fact," he said. 


Away From Politics 


• Parents who by dilute baby formula 
with bottled water to save money are 
putting their children at risk of seizures, 
officials at the federal Centers for Dis- 
ease Control and Prevention warned. 
The seizures are a symptom of water 
intoxication, which can occur when an 
infant is fed too much water, upsetting 
the balance of nutrients, especially sodi- 
um. 

• General Motors Corp. has lost an ap- 
peal of a $7.1 million award to a man 
who claimed that negligent design 
caused the roof of his pickup to collapse 
during a wreck and cripple him. The 9th 


U.S. Circuit Court of Appeals in San 
Francisco rejected the company's argu- 
ment that jurors had been prejudiced by 
a television program about truck defects. 

• Sixty-four people have been indicted in 
New York for alleged involvement in a 
cocaine processing and distribution op- 
eration that spanned 10 years and 
brought in more than $50 million a year. 

• The nation's largest Mack church 
group, the National Baptist Convention 
U.S A. Inc., has elected an activist pas- 
tor, the Reverend Henry J. Lyons of St. 
Petersburg, Florida, to a five-year term 
as its president. 


• A 24-foot inflatable boat and its skip- 
per, Bryan Peterson, completed an 
round-the-world trip, reaching San 
Francisco after a two-year, 40,000- mile 
voyage powered by soybean oil. 

• Condoms will not be treated as evi- 
dence in prostitution cases for the next 
six months in San Francisco. District 
Attorney Arlo Smith agreed to the sus- 
pension as an experiment after appeals 
by city health officials and women’s 
groups, who say the move will promote 
safe sex. 

AP 


The IHT /JAL Competition 

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To celebrate the opening of Japan Air lines 7 new direct 
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Paris to Osaka from September 7th, TAL and the International 
Herald Tribune are offering the chance to win round-trip 
tickets to Osaka. 

Here's How to Enter. 

Over the next two weeks, a series of JAL statements will 
appear on a "jotting pad" next to the crossworld puzzle. 

Simply follow the crossword puzzle over this two-week period 
to obtain the answers to the three questions listed below. 

1 . From which European cities does JAL fly non-stop 
to Osaka > 

2. How often does JAL fly direct from Europe to Osaka* 

3. How many onward destinations in Japan and Asia 
does JAL offer from Osaka * 

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his opinion, make it desirable to cancel the 
competition at any stage. 1 0.9-94 


YOUR RESPONSES TO: 


Ql. From which European cities does JAL fly non- 
stop to Osaka- 

A 

Q2. How often does JAL fly direct from Europe 
to Osaka? 

A 

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INTERNATIONAL 



tribune 


ptri.isiiku wrrii nil? nkw mirk timks an u thk wwhinuton pint 


China’s Lack of Fair Play 


i tie International Olympic Committee 
stung China’s leadership last September 
by rejecting its heavy-handed campaign 
to be host or the 2000 Olympics. What 
seems to have tipped an extremely close 
vote was the committee’s anxiety that a 
Chinese human rights debacle could seri- 
ously embarrass the Olympic movement. 

Yet China, winch still hopes to stage the 


2004 Games, persists in putting political 


repression ahead of sports. Witness the 
case of Fang Zheng, a champion discus 
thrower excluded from competition at the 
Far East and South Pacific Disabled 
Games for the crudest of political reasons. 

After Mr. Fang had qualified for the 
national team and received an official 
send-off from his own province, national 
authorities suddenly panicked over the 
origin of his disability — he had lost both 
legs after being run over by a tank in the 
1989 Ti ananm en Square uprising. Even 
though Mr. Fang agreed not to talk to the 
press about the circumstances of his inju- 
ry. he was falsely told that the discus 


event had been canceled and was sent 
home. On Wednesday, a New Zealand 
athlete won the discus throw by default. 
By then Mr. Fang had become a nonper- 
son. with Chinese officials at every level 
denying that they had ever heard of him. 

China is not the only country that lets 
politics intrude in its sports programs. The 
abuses of former Soviet bloc countries 
were notorious. But nations that play poli- 
tics with sports eligibility are in no posi- 
tion to complain when their suitability to 
sponsor major international events is ques- 
tioned over issues like human rights. 
Though the site of the 2004 Olympics will 
not be decided for three more years, Beij- 
ing risks another disappointment if it per- 
sists in its present course. 

Friends of China and friends of human 
rights — - two categories that should in- 
clude the Clinton adminis (ration — 
would do Beijing a favor by reminding it 
at every opportunity of the minimum 
standards of international fair play. 

— THE NEW YORK TIMES. 


A Slice of Mideast Peace 


Israel now reports that it offers Syria a 
little piece of occupied territory — to whet 
Syrians’ appetite for more and to accus- 
tom Israeli public opinion to less. Prime 
Minister Yitzhak Rabin admits that the 
slice of the Golan Heights meant to be 
served up first, in return for full normaliza- 
tion of official ties, is “slight.” It is also free 
of Israeli settlers: Mr. Rabin wants a 
three-year “testing period*' before he 


patronage, and then it was gone. His 
regional strivings left him with a lone 
partner, Iran, unable to help advance his 
political goals. He continues to play the 


terrorist card in a manner to spoil his 

ited States. 


stands up to the Israeli lobby supporting 
the 13,000 i ‘ ‘ 


I settlers on the Golan — a lobby 
stronger than the one supporting funda- 
mentalist settlers in the West Bank. 

An indirect exchange between Syria 
and Israel has been going on under the 
wing of Secretary of State Warren Chris- 
topher. This is perhaps why the disclo- 
sures made by Mr. Rabin this week 
sounded not so much like the terms of a 
final settlement but like an early bargain- 
ing position. It isn't known whether U.S. 
diplomacy is a cover or a substitute for 
the direct talks needed to close any deal. 

The Israeli movement in the direction 
of serious negotiation with Syria is pub- 
lic. It is harder to tell whether President 
Hafez Assad is finally moving from word 
to deed in the effort to reclaim by diplo- 
macy the temtoiy Syria lost by war in 
1967. Mr. Assad has wasted much of his 
.bargaining strength. He misused Soviet 


strategic approaches to the United States. 
Once an era of regional peace-seeking 
opened, he let leadership slip to Egypt. 
Nor could he stop the Palestinians, whom 
he intended to dominate, from acting on 
their ambition of a state of their own. 
During the summer, Jordan made its 
move to all-but-explicit normalization 
with Israel, isolating him further. 

Syria is a repressive police state genera- 
tions behind Israel in technology — mili- 
tary and civilian — and decades behind 
its own economic and social potential. 
On all fronts, it urgently needs to devote 
itself to catching up. So it is encouraging 
news that Damascus is starting to answer 
Israeli appeals for the pubhc words and 
gestures that will convey to the Israeli 
people, as Anwar Sadat conveyed by his 
trip to Jerusalem, a readiness for full and 
normal relations. Syrian television has 
shown scenes of Jordanian-Israeli peace- 
making, and the foreign minister, in a 
first, invited Israeli journalists to a press 
conference (in London) and spoke in fa- 
vor of a “warm peace." 

— THE WASHINGTON POST. 


Always Unfair Punishment 


Three months after accusing O.J. 
Simpson of double murder and only weeks 
before the trial, Los Angeles prosecutors 
have yet to say whether they will seek the 


death penalty. Their hesitation is under- 
able, but 


standable, but the delay constitutes an 
indictment of capital punishment and ex- 
poses the arbitrary rules that haunt its use. 
Whoever slashed the throat of Mr. 


Simpson's former wife, Nicole, and 
abbed r 


stabbed her friend Ronald L. Goldman to 
death is surely eligible for California’s 
death penalty in every legal sense But the 
same can be said of multitudes of convict- 
ed murderers, while only a few hundred 
have been executed since 1976 under 
court-approved guidelines. Tbe selection 
from those eligible, as even advocates of 
the death penalty understand, is warped 
by unwritten standards and social forces. 

Race, class and wealth reign here. 
Careful studies have shown that when 
homicides similar in other respects are 
compared, race is often more of a deter- 
minant of punishment than the law’s stat- 
ed aggravating factors such as egregious 
brutality or a particularly evil motive. 
Blacks who kill whites are executed regu- 
larly, but only once in recent years has a 
white been executed for killing a black. 


Mr. Simpson is an African-American, 
his alleged victims white. But he is a 
wealthy, widely recognized personality. 
Ordinarily no one of his fame gets the gas 
chamber. So the decision is lose-lose for a 
politically sensitive district attorney’s of- 
fice. African-Americans are ready to de- 
nounce a decision to seek the death pen- 
alty as confirming generations of racial 
injustice. A decision the other way will 
surely be scorned for inconsistency by 
some groups trying to defend women 
from domestic violence. They will argue 
that Mr. Simpson’s celebrity protected 
him from trial on a capital charge. 

The district attorney owes the defense 
and the judge an early decision to enable 
them to prepare for jury selection. 

Capital punishment is unjustified 
state- sponsored homicide. To those mor- 
al objections, add tbe practical conun- 
drums of the Simpson case. On both 
moral and practical grounds, justice is 
belter served by non-capital penalties, 
including life without parole. The death 
penalty has shown itself to be inherently 
discriminatory, incapable of fair applica- 
tion and an obstacle to balanc 
ment and certain punishment. 

— THE NEW YORK TIMES 


judg- 


Other Comment 


Small Families, Big Future 


It is a crime against humanity that 
delegates at the United Nations Interna- 
tional Conference on Population and De- 
velopment in Cairo should waste time 
arguing over words while 3 million babies 
die every week for lack of food or medi- 
cine. Bui it must also be stressed that the 
highly publicized furor concerns less than 
1 percent of the conference's draft Pro- 
gram of Action to tackle what is undeni- 
ably the single most important challenge 
to global security and stability. Unless 
brought under control, population 
growth coukl mean food shortages, in- 
creased pressure on resources and accel- 
erated destruction of the environment- 


methods and their impact on values. The 
short answer to the second point is that 
nothing can place more strain on a family 


than economic hardship. As for the first, 
larrel with Prime Minister 


no one will quarrel 
Gro Harlem Brundtiand’s idealistic rea- 


Every country and group represented 

idf 


in Cairo, including Iran and the Vatican, 
accepts the need for some kind of popula- 
tion control. The dispute is confined to 


soiling that “the girl who receives her 
diploma will have fewer babies than her 
sister who does not.” 

While keeping that in mind, tbe aim 
should be to bring down the birth rate 
through conventional methods of contra- 
ception that are safe, reliable and easily 
awulable. Such a program would also 
reduce the number of unwanted pregnan- 
cies and, therefore, abortions. 

But the UN cannot take over the task. 
Each government must find the political 
will and tbe social courage to convince its 
people that their future happiness calls 
for smaller families. 

— The Straits Times (Singapore). 



International Herald Tribune 

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Imposing Democracy: Could U.S. Stop With Haiti? 


By Jeane Kirkpatrick 


N EW YORK — Is there a 
“right” to be governed 
democratically by rulers chosen 
in free competitive elections? 
Does Haiti have such a right? 

The Clinton administration 
flunks so and has tried hard for 
months to rouse support in the 
■'international community” for 
action that wflj depose the mili- 
tary government of Haiti and re- 
store the elected president, tbe 
Reverend Jean-Bertrand Aris- 
tide. Their sustained efforts and 
the political skills of the U.S. 
ambassador to the United Na- 
tions, Madeleine Albright, have 
produced a UN Security Conned 
resolution authorizing “the use of 
all necessary means” — that is, 
force — to achieve this end. 

But they need troops as well as 
legitimacy, unless tbe “necessary 
force” is provided and paid for 
exclusively by the United States. 

Weeks of effort to persuade 
other governments to contribute 
have netted little: Four Caribbe- 
an island states finally agreed to 
provide 266 troop for noncom- 
batant “support 4 roles. Canada 
turned down the appeals to join 
the expeditionary force but of- 
fered to send peacekeepers. No 
European ally of the United 
States will participate in the mil- 
ilaiy phase of the Haitian opera- 
tion. No major government in 
the Western Hemisphere will 
join in the invasion. 

But the Clinton administra- 
tion is not deterred by this reluc- 
tance or lade of participants. It 
has the Security Council's au- 
thorization, the UN secretary- 
general’s endorsement, the en- 
couragement of a small but 
intense group of Americans on 
the left end of our political spec- 
trum and the comfort of a doc- 
trine that justifies the use of 
force in just such circumstances. 

The Clinton team justifies its 
plan to invade Haiti on grounds 
that force is required to “restore 
democracy,” or which Haiti was 
deprived by the military coup. 





Juilat o 


v fUr IK IK) THE WINDOW-* SACK IN 30 YEARS"! ' 


They offer other supporting ar- 
guments as well; that General 
Raoul C&lras and his colleagues 
have refused to carry out the 
Governor’s Island agreement 
(calling for withdrawal under 

r ified circumstances); that 
C6dras government has vio- 
lated the dvil rights of Haitians, 
and that it has failed to cany out 
the decisions of the UN Security 
Council. But these are marginal. 

The fundamental justification 
for using force is that democracy 
should be restored. But the case 
being made for intervention de- 
pends on a postulated “right to 
democratic government” 

Mrs. AIbnght speaking in the 
Security Council, described the 
resolution authorizing the use of 
force to restore “legitimate, con- 
stitutional authority to Haiti” as 
“historic.” Well, she might It is 


the first action of its kind ever. 
The authorization itself consti- 
tutes a significant expansion of 
the Security Council's jurisdic- 
tion over the internal affairs of 
member states and is for that 
reason alone important But the 
idea of a “right to democracy” 
that can be imposed by force is a 
dramatic departure from previ- 
ous theory and practice. 

International lawyers, nota- 
bly Thomas Franck, have writ- 
ten in recent years of an emerg- 
ing “democratic entitlement” 
and an “emerging” right to dem- 
ocratic governance. 

This “democratic entitlement” 
is rich in implications. If political 
democracy is viewed as “a hu- 
man right” shared by all persons, 
and if the “world community” 
has an obligation to use force to 
protect those rights, then it is 


to use force to de- 
pose Haiti’s military government 
— or any government that 
achieves power by force and vio- 
lates its citizens rights. 

If we act against the Haitian 
government on these grounds we 
should understand that it may be 
necessary to act again should 
President Aristide prove defi- 
cient in his respect for the right of 
Haitians , And if we act against 
Haiti we should do so under- 
standing that there are 55 coun- 
tries judged by the Freedom 
House analysis to be “not free.” 

If the Clinton administration 
decides to use force against Haiti 
rather than against Cu ba , tThinflj 
or other “nonfree” governments, 
it must be prepared to say why, 
Mr. Franck, whose work was 
an important source for the 
ideas and arguments of Morton 


Halperin and other Clinton, ad- 
minis tration officials concern- 
ing the “right to democracy,” 
can foresee the day when the 
“global community” guarantees 
democracy as a “legal entitle- 
ment.” But he adds, “The collec- 
tive use of military force to pro- 
tect the people’s right to 
democracy is an extremdy re- 
mote bridge which need not be 
crossed at present” 

It is precisely the bridge Presi- 
dent Bill Clinton and Secretary 
of State Warren Christopher 
must cross on then- way to “re- 
store democracy” in Haiti. Be- 
fore they set out on this mission, 
in which no substantive U.S, na- 
tional interest is at stake, they 
should ask themselves what pre- 
cisely they intend to do upon 
reaching the other side. 

© Los Angeles Tima Syndicate. 


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Some Deadly Facts of Life * 
And the Cost of Inaction 




s- • 


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By Norman Myers 


of Nazi 


O XFORD, England — As the 
International Conference on 
Population and' Development- 
proceeds in Cairo, let us note 
some facts of life: There are 25 
billion sexually active people in 
the world, who engage in a total 
of 100 million couplings daily. 

The implications are not al- 
ways recognized by political lead- 
ers. According to Dr. Rodger V. 
Short of Monash University in 
Melbourne, who compiled tbe 
statistics, there are also each day: 
900,000 conceptions, half un- 


planned and a quarter unwanted; 
the births of 400,””” - * 


- -J,000 children, I 

in 10 of whom will die before age 
5; 1 50,000 abortions, one-ihird of 
them in developing countries, 
without medical supervision; the 
deaths of 1,400 women as a result 


of pregnancy-related problems 
and abortions; 350,000 


The Promise Arafat Has Failed to Keep 


N EW YORK — On Sept. 9, 
1993, Yasser Arafat sent a 
signed promise to Prime Minister 
Yitzhak Rabin of IsraeL 
That was four days before he 
was to meet at the White House 
with Mr. Rabin. The promise was 
essential for Mr. Rabin to be able 
to sign the Isradi-Palestinian out- 
line Tor peace. 

Now, a few days before the an- 
niversary of that meeting Mr. 
Arafat has failed to fulfill that 
promise, and there is evidence that 
he may never be able to deliver. 

The promise was that Mr. Ara- 
fat would get tiie Palestine Libera- 
tion Organization, which would 
rule any territory turned over by 
Israel to remove certain articles 
.from its founding covenant 
Those articles call for the “liber- 
ation” of the entire Palestinian 
“homeland” — all of “fflegal” Israr 
d — and swear continuing “armed 
straggle” to achieve it For Pales- 
tinians who took up rocks and 
guns against Israel they became 
their virion and hope. 

But no Israeli politician could 
have won public approval of the 
peace proposals unless Mr. Ara- 
fat had promised to get rid of the. 
covenant provisions and do it 
with decent dispatch. 

Now Mr. Arafat says he cannot 
get enough support in the PLO, 
which he heads. He says he can- 
not even get enough support in 
Fatah, his own faction within the 
PLO, the largest group in it 
Israeli elections are due in 
1996; campaigning never stops 
and Mr. Arafat’s broken promise 
is an issue. Benjamin Netanyahu, 
the leader of Uie opposition Li- 


By A.M. Rosenthal 


kud bloc, is hitting Mr. Rabin 
hard for ever trusting Mr. Arafat 
to deliver. In the latest respected 
poll Mr. Netanyahu is running 
behind the prime minister — by 
one point, 43 to 44. 

In the government and tbe La- 


bor Party are officials who believe 
ply that peace is Israd's best 


deeply 

security, butare increasingly ner- 
vous about Mr. Arafat’s inten- 
tions and say so. 

They do not think he tried very 
hard to get the votes for covenant. 


and has been playing his 
Other Israe- 


I delaying game. < 
li officials say Mr. Arafat really is 


running into fierce opposition 


from PLO and Fatah officials, 
who are now saying publicly that 
the covenant will not be revised 
until Israeli troops are withdrawn 
from the West Bank, Palestinian 
elections are held and the Israeli 
government recognizes an inde- 
pendent state with Jerusalem as 
its capital That, of course, is an 
in-your-eye way of saying never. 

Mr. Arafat says critical things 
of these fellow PLO officials. He 
says the covenant will so be re- 
vised —in July of 1995 if he can 
swing iL Some Israeli officials 
give him the benefit of the doubt, 
others see it as a barely camou- 
flaged double-cross meant to 
squeeze more concessions out of 
Israel and the U.S, 


Either way the whole episode 
’ of PLO 


shows the 


and 


Fatah officials wbo ma^ one day 


run the West Bank, with or with- 
out Mr. Arafat They still see any 


peaceful settlement as they al- 
ways have — the first step toward 
eliminating IsraeL 
Mr. Rabin and his Labor Party 
have achieved some goals they 
think will bring both security and 
peace — getting rid of Gaza, pre- 
paring to turn over to Mr. Arafat 
most or a0 of a West Bank they 
have decided is no longer neces- 
sary for Israel’s security, and ar- 
riving at a near-peace with King 
Hussein of Jordan. 

And as soon as President Hafez 
Assad decides to sign a peace 
treaty, Israel will start a three- to- 
five-year withdrawal from the 
Golan Heights, winch Mr. Rabin 
once considered vital to IsraeL 
However it turns out, one thing 
is not debatable: Israel has some 
unusual negotiating partners. 

King Hussein loves receiving 
prominent American Jews. Do 

they ever ask him why he threw all 
Jews out of the West Bank when 
Jordan captured it, why no Jew 
can become a Jordanian citizen? 

Mr. Assad has a reputation 
among his American admirers for 
keeping ins word. But ask among 
Lebanese. He kept none of his 
promises to free Lebanon from 
military and political colonization. 

Now Mr. Arafat has Med for 
a year to keep the promise with- 
out winch he never would have 
seen the White House lawn. Presi- 
dent Clinton or Mr. Rabin. 

None of these realities will stop 
the Labor government from do- 
ing what it thinks is right. But if I 
were an Israeli, and I frit I had to 
dance with wolves, 1 would cer- 
tainly keep counting my toes. 

The New York Times. 


cases of 

infection with sexually tr ansmi t- 
ted diseases, including AIDS, and 
a net increase in the world’s pop- 
ulation of 250,000. 

The funding for population 
matters by rich nations has been 
declining in real terms to less than 
$2 a year per taxpayer. The costs 
of action are even more trifling 
when compared with the high 
costs of inaction. 

So-called “coat hanger” abor- 
tions in developing nations result 
in the deaths of 500 women daily. 
This mass mortality occurs be- 
cause the women are denied free- 
dom of reproductive choice. If, as 
Dr. Mahmoud Fathallah of the 
Rockefeller Foundation prints 
out, there was a freedom move- 
ment in which 500 people died in 
a single event on a single day, the 
world would be outraged. But 
when 500 women die day after 
dreadful day in pursuit of their 
reproductive freedom, the world 
hardly blinks an eye. 

For much of the 1980s, the 
anti-abortion lobby in the United 
States persuaded the Reagan and 
Bush administrations to suspend 


aid to all organizations that might 
be using U.S. tax dollars for coer- 
cive abortions, principally in Chi- 
na. Several verification missions 
found not a scrap of evidence. 
But Washington cut off funding 
for the world’s two foremost fam- 
ily planning organizations; funds 
for birth control were included in 
the ban. As a result, the abortion 
rate in developing countries 
soared by millions per year. But 
the Clinton administration p lans 
to double U.S. funding for popu- 
lation control by 1995, compared 
to what it was in 1992. 

Another concealed cost is that 
of “disappearing females.” In 
many developing nations, gjiris en- 
dure poorer nutrition and health 
care than do boys. Worse, female 
fetuses are increasingly aborted in 
China, India and a growing list of 
other countries. Female infanti- 
cide is still widespread. 

Still other problems are little 
recognized on the population^ 


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force in those nations numbers 2 
billion people, of whom at least a 
third are unemployed or grossly 
underemployed, a total exceeding 
the work force of developed na- 
tions. To supply employment for 
new workers, let alone those now 
without work, developing nations 
will need to create 40 milli on new 
jobs annually during the 1990s. 
By comparison, the united States 
has difficulty generating 2 miTE on 
new jobs each year. 

Recall, too, the statement in 
Generis, sometimes invoked in 
support of population growth.* 
“Go forth and multiply.” It was 
an injunction issued when the 
world had a population of 2. 





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The writer is a senior adnser to 
the United Nations Papulation 
Fund and a visiting fellow at Green 
College, Oxford University. He 
contributed this comment to the 
International Herald Tribune. 




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IN OUR PAGES; 100, 75 AND 50 YEARS AGO 
1894s A Dead Monarchy 


NEW YORK — Commenting on 
the death of the Comte de Paris 
the HERALD says: “The Royal- 
ist cause in France is so hopeless 
that the death of the Comte de 
Paris is utterly devoid of political 
significance. The Republic is too 
strong to be overthrown by any 
political aspirant” The French 
people feel that the monarchy is 
dead, and that the Comte de Par- 
is, heir to the kings of France, has 
contribated not a little to destroy 
the idea of bespangled royalty. 


plane is capable of carrying a 
crew of six and eig hteen passen- 
gers. This is an infraction of the 
Peace Treaty, which forbids the 
manufacture of aircraft and parts 
of aircraft for six months from 
the date of signature, June 28. 




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1944: Talk of Surrender 

WASHINGTON — (From our^.v. V.. ‘ 

New York editinn-7 Th» nnssihili-* • ... V _ * 


mm 


19 19: Biggest Aeroplane 

PARIS — The German newspa- 
pers state that what is claimed to 
be the biggest aeroplane in the 
world has been built at the avia- 
tion works at Leipzig, and has 
made its first flight It has a span 
of 134 ft and is 60 ft, in length 
and 20 ft in height The aero- 


ty that there may aever .be a gen- 
eral surrender of the German ar- 
mies, but that they will gradually 
disintegrate into fragments which 
will “surrender piecemeal” was 
emphasized in a statement issued 
by the War and Navy Depart- 
ment and the Office of war Infor- 
mation. On the flood tide of Unit- 
ed Nations victories in Europe 
false rumors of German surren- 
der have already appeared, the 
statement observed, adding that 
these “may be expected to be 
more frequent from now on.” 






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INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, SEPTEMBER 10-11, 1994 


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Ivh SMuw/Agniee France- Preac 

Tanks of Checbenia’s government fwces hunting for armed opposition units in the suburbs of the town of Argun. 

Khasbulatov Returns, in a New Role 


By Margaret Shapiro 

Washington Pott Service 

MOSCOW — When the armed apris- 
n gains t President Boris N. Yeltsin 
' last fall, it seemed to seal the 
political downfall of his chief nemesis, 
the strong-willed speaker of the Russian 
Parliament, Ruslan I. Khasbulatov. 

Mr. Khasbulatov was arrested and 
locked up with other anti-reform rebels 
in Moscow’s Lefortovo Prison. Last win- 
ter, he received an amnesty and emerged 
a shell-shocked man. His bombast gone, 
he pronounced hims elf “disgusted" with 
politics and vanished into academia — 
until last month. 

He has returned to the fray with gusto, 
this time in his native Chechen™, a law- 
less, mainly M uslim region in southern 
Russia that declared its independence in 
1991 and has been run ever since by a 
former Soviet air force general, Dzbokar 
Dudayev. 

For two months, Chcchcnia has been 
embroiled in a struggle between Mr. Du- 
dayev and his bitter enemies, who call 
him a vicious dictator and have their own 
well-armed followers. 

In the center of this storm has emerged 
Mr. Khasbulatov. He has set himself up 
in a family home, surrounded by geese, 
sheep and flies, outside the region's capi- 
tal Grozny, and is putting together nis 
own paramilitary group. 

It is a familiar scenario to those who 
watched events unfold in Moscow in 
1992-93, when Mr. Khasbulatov allied 


himself with the anti-Yeltsin movement 
and eventually became its chief strate- 
gist. 

But this time Mr. Khasbulatov is on 
the same side as Mr. Yeltsin — a twist 
that has Mr. Khasbulatov’s erstwhile en- 
emies in the Kremlin squirming. 

The Kremlin, like the Chechen rebels, 
wants to oust Mr. Dudayev, not only 
because it has grown weary of having to 
contend with a region that insis ts it is 
independent, but also because it accuses 
him of having unleashed a wave of ter- 
rorism and crime by Chechen gangs 
across^ Russia. 

In recent weeks, Russia has sealed off 
the border around Chechenia, halted all 
flights over the region and thrown its 
support to Mr. Dudayev's opponents, 
the Chechen Provisional Council, with 
which Mr. Khasbulatov is also allied. At 
least two other weH- armed anti-Dudayev 
groups have emerged around Chechenia. 

For many Yeltsin supporters and 
members of the Russian government, the 
idea tit working with Mr. Khasbulatov is 
tough to swallow. 

Even worse is the notion that he might 
end up resurrected, returning somehow 
to Moscow either as president of Che- 
chcnia or as a Chechen representative to 
the new Russian Parliament. 

M PsytiinlOKically, it will be very hard 
for the Russian administration to deal 
with Khasbulatov" if he should be part 
of a group that eventually takes over in 


Chechenia,; 

Minister Sergei M. snakurai. 

Mr. Khasbulatov has disavowed any 
interest in retu rning to politics or becom- 
ing Chechenia’s next j 


is only eager to help his region free itself 
from dictatorship. He has expressed irri- 
tation with reporters who have pressed 
him about his political ambitions, saying 
he is only a “peacemaker.” 

He gets erven angrier when Mr. Yelt- 
sin's name comes up. 

“Why are those Kremlin bigwigs 
shouting that Khasbulatov must be pre- 
vented from returning to the corridors of 
power no matter what?" he angrily asked 
the newspaper Komsomolskaya Pravda 
recently. “Frankly speaking, if they con- 
tinue to voice this thought with such 
maniacal insistence, I’ll just become 
Chechenia's president." 

He might even run against Mr. Yeltsin 
for Russian president, he said. 

In Moscow, few believe that is likely, 
given the tanlr battle at the Parliament 
building that ended his last foray in 
Russian politics. But few expect him to 
stay out of the fray. 

“By his very nature and character he is 
abnormally energetic and ambitious," 
said Anatoli Shabad, a pro-Yeltsin mem- 
ber of Parliament who repeatedly 
dashed with Mr. Khasbulatov when he 
was speaker. “But he has nothing to gain 
by playing politics in Russia anymore. 
IBs best hour is over." 


Remains of Nazi Victims Left Exposed in Ukraine 

quoted by the daily newspaper 
Moscow Times as having said. 


The Assoc i ated Press 

' MOSCOW — Hie bones of 
thousands of Jews killed by the 
Nazis in 1941 have been uncov- 
ered on a Crimean hillside by 
heavy rain, and Ukrainian au- 
thorities say they have no mat- 
ey to bury the remains. 

“We understand that it is 



budget 

have money even for the liv- 
ing," a city official in Yalta was 


The victims were killed in 
December 1941 by a special SS 
division that rounded up most 
of the Jews freon Yalta and 
neighboring villages on the Cri- 
mean Peninsula. The site is 
about 20 kilometers (12 miles) 
from Yalta. 

“Almost all the Jews in Cri- 
mea — more than 40,000 — 
were killed during the purges in 
1941, N said Leonid Geftman, a 


representative of the Crimea’s 
.Jewish society. After the De- 
cember massacre, the Nazis 
blew up the hill to cover up the 
evidence, but many bodies were 
only partially covered, Mr. 
Geftman was quoted as having 
said. 

In March, heavy rain washed 
away part of the hillside. “It is 
absolutely dreadful" Mr. Geft- 
man said. “Bones and skulls lie 
od the surface mixed up with 
dirt and litter, and nobody even 
worries about it." 


He said the site was being 
.licked over by people searching 
•or gold tooth crowns, silver 
crosses and other valuables. 


I 


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CHURCH OF Cl-WST THE KJNG (Epbco- 
pa^AngfcanJ Sun. Holy Oonvnrion B & 11 
am Sinday School m Nuraeiy KMS am 
Stetfan Rhz SL 22, G0323 RarMit Gar- 
many, U1, 2, 3 Mlquel-Allee. Tat 49/69 
550184. 

GENEVA 

BUMNRJEL CHIWCH, IS. 3rd & 5Si Sun. 
10 am EueharW & 2nd & 4th Sui Momhfl 
Prayer. 3 rue da Monhoux, 1201 Geneva, 
Swssartand. TaL 416*2732 80 78. 

MUNICH 

THE CHURCH OF THE ASCSNSX3N, Sin. 
11:48 a.m. Holy EucharM and Sunday 
School, Nureoy Cam pmvldad. Seybothatraa- 
se 4, 81545 Mrtch {HariacNng), Germany. 
TaL 4989 84 81 85. 

ROME 

ST. PAUL'S WTTH1N-THE-WALLS, Sun. 
030 am Holy EuchaiM RSa I; 1030 am. 
Chord Eucharist Rto ft 1030 am Oarch 
School for chfcJren 5 Nursery core jxovkJed; 1 
pm Spanish Eucharist. VtaNapoiSS. 00184 
Rome. TeL 39*6 488 3339 or39A 474 3569. 

BRUSSILS/WAHRLOO 
ALL SAINTS' CHURCH Id Sun. B & 11:15 
am Holy Eucharist wRi Chfttarfa Chapel at 
11dB.AlaewSindaw:ll;l9amHgbEu- 

dwist and £Kjnddy SchooL £83 ChausMe da 
Louvah.OhOn, Belgium. TaL 332 384^558. 

WIESBADEN 

THE CHURCH OF ST. AUGUSTINE OF 
CWTffSURY, Bui 10 am. Famly Bjcha- 
dK. Frarkhalar Stn^d 3. Wtebaden, Go 1 - 
many. TaL 4M1130M74. 


BUCHAREST 

INTERNATIONAL BAPTIST CHURCH. 
SlradB Fopa Rlbu 22. 3fl0 pm Gonad Pas- 
tor Mho Kempar. TaL 312 3BB0. 

BUDAPEST 

IntarrrateaiBa^Feiowsh^. II Bimbo u. 56 
frnaln enhance T^olcsanyi il 7. Immecfeoely 
behind Irort arOanDa). ID® BUa study- 6SX) 
pm Pastor Bob Zfcirwn.^ TeL^ 11561^ 16. 
RwdiedbybuEll. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH. 
World Trade Center, 38. Drahan Tztfikov 
Bhid. Wo rat* 11:00. James DJn, Pastor. 
TaL 704387. 

CE LIE/ HANNOVER 

INTERNATIONAL BAPTIST CHURCH. 
Wlnrknien Straeae 45. Cote 1300 WbreNp, 
1400 Bbte Study, Pastor WW CampbeL Pn. 
0)5141) 4841ft 

DARMSTADT 

DAHMSTADT/EBERSTADT BAPTIST MIS- 
SS0N. BtDte study & Worahfc Sunday 10GO 
am Stad mi s sS cn D&arenitadt, Buflechetatr. 
22. BUe study 930. worship 10-45, Pastor 
JtmWabb.TeL:0615S60092ia 

dOsseidorf 

INTERNATIONAL BAPTIST CHURCH, En- 
gMi. Worship and Chldren's Church Sun- 
aaya at 1230 pm Maethg terrporarly at tha 
Evangaiach - FraldrchSche GemOndehRa- 


WUPPERTAL 

International Baptist Church. EngSsh. Ger- 
man. Paten Worship 1030 am, SeBaretr. 
21, Wuppenal - EfcerlekL Al denomhaiions 
welcoma. Hane-Dioier Fraund, pasior. 
Tel: 0202/4898384. 

ZURICH - SWITZERLAND 
INTERN ATONAL BAPTIST CHURCH of 
W&derewB (Zflrich) .^WoreJ^ServteeB Sun- 


day momhgs 113ft TeL 1 


12862. 


ASSOC. OF INTI CHURCHES 
IN EUROPE & MIDEAST 


EUROPEAN 

BAPTW CONVENTION 


BARCELONA 

FAITH FELLOWSHIP INTERNATIONAL 
rt^dMOam,EkmaNoraBBpttaCtw- 
ch Caner do la CUat da Balagur 40 Pastor 
Lance Bodan, Ph. 4395088, 

BERLIN 

INTERNATIONAL BAPTIST CHUHCH, 
BStUN, RdhenburB Sfr. 13, Bfcto 

study 1045, worship at 1SLOO aath Sundey. 
Charin A. Waited, Pastor. TaL: 030-774- 
4670. „ 

bonn/k6ln 


THE INTEfWTIONAL BAPW CHURCH 
OF BONftfflOLN. r ' 


, Rhehau Sbaaaa ft KStn, 


Worship 1:0 0 pm CaMn Hogue. Pastor. 
547021. 


TaL: (03236)- 


BRATISLAVA 


Bbh Study h PsflMcNBapflH Dw- 

diaMKh) 2 TMM74S. Contact Pastor 
JarapKAtokTebSI 6779 

BREMEN 

WTEffMATt ONALB™^jgW®J. 
gBah tanguaga) meets at Ei®ji^wH=rB«r- 
Sieh kretagamelnde, HohantoTwatrasae 
Henrjanrt-Boflfl-Str. (aretrd Aw comer from 
Aw Bahrrid) Sunday worship 17m Ernest 
D.Wstar, pastor. TaL 04791-12877. 


tether Homtaiion cal the pastor. Dr. W4. Da 
Lay, TeL 021 1-400157. 

FRANKFURT 

INTERNATIONAL CHRIST AN FELLOW- 
SHIP EuengefetfvFreMohihe Gemetode, 
Sodenate. 11-lft 6380 Bad Horrtuig, cho- 
na/Fax: 06173-82728 aerving Aw Franwul 
and Tatnua areas, Genrany. Sunday won 
Oft) 0945. ruaaty 4- Sundeyschool 1000. 
women's bfcto atudtoa. Houoegrw** - Sun- 
day + Wednesday 1&30. Pastor M. Levey, 
merrber Euopean BapBsi Convention. De- 
clare Hb gbty amongst the nattanB. 11 
BETHEL INTERNATIONAL BAPTIST 
CHURCH Am DaChebetg 92, FranHurt aM. 
Suiday wcraNp 11 £0 am and 8XX) pm, l>. 
Thomas W. I* pastor. Tel: 069649559- 

HEIDELBERG 

GRACE INTERNATIONAL BAPTIST 
CHURCH, Industrie Sir 11, 39(2 Sandhau- 
aea BUe Btudy 09:45, Womhip 11 fiftPeetor 
PaJHarettc. TeL 0820452295. 

HOLLAND 

TRWrTY BAPTtSr S5. BflO, Wotelp 1030, 
nursery, warm fellowship. Meets at 
Bloemoamplaan 54 In Waasenaar, 
TeL 01751-78024. 

MADRID 

EMMANUEL BAPTIST, MADRD. HERMAN- 
DEZ DE TEJADA. 4. ENGL&1 SERVICES 
11 am.7pm Tel: 407-4347 or 3026017. 

MOSCOW 

INTERNATIONAL BAPTIST FELLOWSHIP 

afflJS5?STFtool!?S 1 & Metre 
Station Bantadnaya Pastor BradStarneyPh. 
(095) 150 329a 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH, Hotear. 9 Engteh Langume San 
vices. Stole study iSfla wortfSp Servica 
ITflft PaMort Phone: 6Q0BS34. 

PRAGUE 

WBmaional BaptW Fetouahto nwalB at the 

Czech Baptist Church Vtnohradaka 4 88, 
Prague 3. At metro stop JWhoz Podebrad 
Sunday a.m. li:00 Pastor: Bob Ford 
(02) 311069a 


BERUN 

AMERICAN CHURCH IN BERLIN, cor. of 
Oay Alee & Potsdamer Str_ SS. 930 am, 
Wonhto 11 am TeL 030-8132021 . 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Sunday School 
930 amend Chunh IQ-45 am Kananbara. 
19 (at the Int. School). Tel.: 673.05.81. 
Bus 95. Tram 94. 

COPENHAGEN 

INTERNATIONAL CHURCH of Copenha- 
gen, 27 Farvernade. Vertov, near Rftdhus. 
Study 10:15 4 Worship 11:30. Tel.: 
31624735. 

FRANKFURT 

TRMTY LUTHERAN CHURCH Ntoelungen 
Alee 54 (Across from Burger HospaaJ). Sun- 
day School 930, worship Tl am TeL- (06^ 
569478 or 51 2552- 

GEN EVA 

EV. LUTHERAN CHURCH el Geneva, 20 
rue Verdaine. Sunday worship 9^0. h Ge^ 
manllflJ Jn Ertfteh.Tet (0e2) 3106088. 

JERUSALEM 

LUTHERAN OflJRCH d the Redeemer. Old 
CRy, Mwtstan Rd. Engish worship Sun. 9 

am Al are wekama TeL (03 281 -049. 

LONDON 

AMERICAN CHURCH In London 79 Tot- 
tenham CL Rd. Wl. SS at 10.00 a.m.. 
Wbrehto at 1180 am. Goodge St. lube. Tut 
071-5802791. 

PARIS 

AMERICAN CHURCH IN PAWS. Worship 
11U0 am 65, Qua) dOreay, Parts 7. Bua 63 
at daor, Metro Ahw-Marceau or InvaBdsa. 

STOCKHOLM 

IMMANUEL CHURCH, Worship Ctirtfl In 
Swedish, English, or Korean. ii:00 a.m. 
Sunday. Birger Jarlsg. at Kungstensg. 
17. 46(08 / 15 12 25 x 727 lor more 
hformetlon. 

TIRANE 

INTERNATIONAL PROTESTANT ASSEM- 
BLY, ktadsnomlnBtional & EvanoefcaL Ser- 
vta»: Stxi. 1030 am. 530 pm- wed. 5fl0 
pm R ru ga My slym Shyrl. feW^ax 355-42- 
42372 or 23262. 

VIENNA 

VIENNA COMMUNITY CHURCH. Sunday 
worship In English 1 1:30 A.M., Sunday 
school, nursery, irnemai tonal, a« oenomina- 
ttonawekame.Dowheeigasse 16. Vienna 1. 

WAR5AW 

WARSAW INTERNATIONAL CHURCH. 
Protested Biteh terguage Mpatnaies. Sun- 
dan 1130 am (SepL^May). 10 am. (Jire* 
Aiib.): Surxfay School 935 (Sept-May) UL 
Mtodowa 21. TeL- 43-29-70. 

ZURICH 

INTERNATIONAL PROTESTANT CHURCH 
Enafeh seeking, woikship serve®. Sunday 
School & Nursery, Sundays 1 1:30 am.. 
Sc ha naang a Bse25.TeL(0i)r 


Paris Drops 
Protest Ban 
On Visit 
By Jiang 

Compiled by Ov Staff From Dispacha 

PARIS — In & last-minute 
reversal France said Friday 
that it would allow a demon- 
stration by Chinese dissidents 
and Tibetan exiles against the 
visiting Chinese president, 
Jiang Zemin. 

French authorities permitted 
a march near the Chinese Em- 
bassy in central Paris, but 
banned a meeting directly in 
front of the embassy. 

The Federation for Democ- 
racy in China and several Tibet- 
an groups had vowed to demon- 
strate despite the ban. 

The singers Johnny Hally- 
day, Yves Duteil and rran$oisc 
Hardy as well as Bernard 
Kouchner, a former govern- 
ment minister, and the phtioso- 
pher -writer Andrt; Glncksman 

among others had vowed to 
take part in the rally. 

In a communique, a Tibetan 
group, the Support Committee 
for the Tibetan People, had pro- 
tested the ban, which it said had 
been imposed ‘"under Chinese 
government pressure." 

President Frangois Mitter- 
rand was to be meeting with 
Mr. Jiang at the time of the 
demonstrations. 

Mr. Mitterrand's adviser on 
Chinese affairs. Jean Levy, told 
activists that the president 
would “without doubt" raise 
the issue of human rights when 
he met with Mr. Jiang. 

The France- Liberty associa- 
tion, headed by Mr. Mitter- 
rand's wife, Danielle, was to be 
one of the human-rights groups 
represented at the rally. 

In Marseille, where Mr. Jiang 
started his visit on Thursday, 
three Tibetans were arrested 
and held four hours after they 
tried to fly a huge Tibetan flag 
from the basilica. 

On Wednesday, the police 
banned a demonstration 
planned in Marseille by the 
Committee for the Safeguard of 
the People of Tibet and their 
Culture, saying “it would dis- 
turb the peace and damage 
Sino-French relations." 

The ban had appeared to be 
an attempt to prevent a repeti- 
tion of protests in Germany last 
July that marred a visit by 
Prime Minister Li Peng. 

(AFP, Reuters) 


U.S. Plugs Up a Nuclear Leak 

Japan Abruptly Loses Supply of Technology 


By Matthew L. Wald 

New York Times Strict 

WASHINGTON — For sev- 
en years, the United States has 
been quietly supplying Japan 
with technology to refine 
bomb-grade plutonium from 
breeder reactors, despite the of- 
ficial U.S. position against the 
export of any technology that 
helps the spread of nuclear 
weapons, according to a new 
report from Greenpeace. 

But before Greenpeace end- 
ed a news conference at which it 
issued the report, the Energy 
Department had announced 
that it would end the exports, 
letting the agreement under 
which they took place expire at 
the end of this month. 

“The administration and the 
department are fully committed 
to policies and practices con- 
straining proliferation," the de- 
partment said. 

Greenpeace said the exports 
violated the Nuclear Nonprolif- 
eration Act of 1978, and a bilat- 
eral agreement signed with Ja- 
pan the previous year. The 
exports dearly run counter to 
the Clinton administration's 
goal announced last year, of 
phasing out the production of 
new weapons fuel 

They would also appear to 
undercut American arguments 
to the North Koreans that there 
is no reason for additional na- 
tions in the North Pacific to 
develop nuclear weapons tech- 
nology. 

Asked whether Greenpeace 
was correct that the exports vio- 


Sale of Missiles 
Denied by China 

Agence Francc-Prcssc 

BEIJING — The Foreign 
Ministry denied Friday what it 
described as a “fictitious" U.S. 
intelligence report that said Pa- 
kistan had agreed to pay Beijing 
SIS million for M-ll ballistic 
missiles. 

The missiles would be capa- 
ble of hitting Indian cities and 
of carrying a nuclear payload. 

The SIS million would be the 
latest installment payment, 
since Pakistan reportedly paid 
China a much larger sum in 
1992 in exchange for several M- 
1 1 missile components. Chi that 
occasion, Washington respond- 
ed by imposing limited sanc- 
tions on Quna for violating the 
Missile Technology Control 
Regime. 


lated American law, Michael G. 
Gaul din. a spokesman for the 
department, said: "We think 


uid quest 
He said that the exports were 
“a remnant of the last adminis- 
tration," and that the Clinton 
administration's policy was not 
to export reprocessing technoi- 
ogyto anyone. 

The Energy Department said 
it would complete “a compre- 
hensive review” within 60 days. 
A Greenpeace researcher, 
Shaun L. Bumie, said that un- 
der the act, the government was 
supposed to evaluate the pro- 
cess to determine whether it was 
a “sensitive nuclear technol- 
ogy,” but the evaluation had 
not been carried oul 
The technology in question, 
which Greenpeace said was de- 
veloped at American nuclear 
weapons plants, is a chemical 
and mechanical system for sep- 
arating the plutonium made in 
breeder reactors from waste 
products. Japan insists that its 
breeder program is meant to 


produce fuel for nuclear reac- 
tors, not bombs. But the pluto- 
nium produced bv its two 
breeders, Monju and Jpyo, is a 
kind that is particularly well- 
suited to bombs, Greenpeace 
said. 

Whatever the intended use of 
the plutonium, the United 
States has previously expressed 
discomfort at the proliferation 
risk posed by separating the 
plutonium produced in civilian 
nuclear reactors from spent re- 
actor fueL It dropped its own 
breeder reactor program a de- 
cade ago. 

In the 1960s, some fuel from 
conventional reactors was re- 
covered for reuse in this coun- 
try, but the technology was 
banned in this country oy the 
Carter administration 17 years 
ago. 

Nearly all reactors produce 
plutonium. Conventional reac- 
tors, using uranium and ordi- 
nary water, produce some plu- 
tonium but consume uranium 
faster. 




AMSTERDAM 

PAJUS Oth 

HAESJE CLAES 

Red Dutch Cooking, Open from lunch unll 
midnight Spub*oolZ75 

Tel.: 624 99 98. Rewn«Son> raeommandad. 

AJ major aeeft conk 

YUGARAJ 

Haled as tha ban Indian rnfcxram in Franco 
bv Pis Inodina gwd« (air ccndKra’ed). 14. 
ruo Douphineil.: 43.26.44 91 . 

PARIS 7lh 

NBmLY-SUK-SBNS 

THOUMIEUX 

JARRASSE 

Sea bod ond feh medofihw. Hesh defy dob 
ten. Menj I90F. Priuoe lounget In 14. Vnloi 
prating. Oowd Sunday. 4. ovenue do Madrid 
Tel: 11) 4624.0746. Fax: |l| 40.B8 1S60. 

PARIS rsf 

CARR'S obsh 

RESTAURANT BAR 

fandiAehcubirw. Wootend bunch 757. 

Open 7/7 N PAHS. CARTS BAR S ICVES 

FAR. 

1, iue du Man Dobra. TaL: 4160.60.26. 

PAMS 2nd 

SpociallKei of the Sorab'Woir. Con hi do 
canard & cauoultf ou confri do canard. A«r 
condiSoned. Open ewydoy urtSI midnmhi. 

79 rue St-CtomniquB Td : Jl] 47 05 49 75 

Near Invalidsi Terminal. 

PARIS 15th 

LE WESTERN 

Ibe Refer once fcr Icwri 
oiifw American WesiwWi 

American & TouMk rpaaabei. 

Pony Exprou Menu induing a 
choice of ikmm and main counei 
viihh coBco and brownim 

FF 1 50 Audi & dinner) 

Paris HJton 1 B, ov. SuFrai TeL: 
42719200 

AUX LYONNAIS 

TmdiHond biilro cooking In ouihenilc 1900 
decor. Excolnnt wlnei & mineral wolefi 

32. rue St Mac. Td.: (1) 42 96 65 04. 

PARIS ITTh 

ALGOLDENBERG 

Mete hra ingi ■ Pormin ■ Ooom cheoie bagaf 
and lox homranodo - One cole & cfl mo 
trod. Jewish ipoc. 69 A-. do Woarom. 

Td. 42. 27.3J 79. Every day up e mlrtegfe. 

PARIS 6th 

LEMUNfCHE 

The Bramrie of tha 20‘s. 

5pedofoifB: cofi |h«r, ‘chownwto*. 
Kwfccd. Opon euwy doy.unS 2 am 7. n» 
Sdnr BnnoH. Facing St Grameii»dc»ftfr». 

Tel.: 4^61.1270. 

CHEZ FRED 

OnooiiheaLJosibismeiPoni. 

Fronch kodiHenaleodine. 190 bis bd. 

Pfrrelr*. IMom Tel : fl) 4574.20.48 

VIENNA 

KERVANSARAY 

Turkish & bil spec id ties, lobsier bar, ben 
seafood rosttwrant, 1 it Acer. Mahleralr.9. 

Td.: 5128843. Air eondltionod. 80m. 
Opara. NoonO pjrti & 6 p.nulo.m.. oecpC 
Sundcy. Open holiday) 

LA VILLA CREOL£ 

Tha be» refinod Croob cuWno In Parii Rano 

In the evening. Spodatffloj rod »nappen, 
thark. 19, nm3 , Arain. Tel: 47A2.64.92i 


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-» -vt; 



INTERNATIONAL HERALD TRIBUNE 


ART 

Saturday-Stmday, 
September IQ-ll, 1994 
Page 6 


Braque, Large and Small 

Maeght Exhibition Follows a Long, Varied Career 


By Michael Gibson 

International Herald Tribune 

S AINT-PAUL-DE- 
VENCE, France — In 
recent decades Georges 
Braque has been some- 
what eclipsed by more prolific 
figures of 20th-century an such 
as Picasso or Matisse. In mat- 
ters of art, however, compari- 
sons are odious, and the exhibi- 
tion assembling 120 major 
paintings, collages and sculp- 
tures by Braque at the Maeght 
Foundation (through Oct. IS) 
demonstrates that the French 
artist’s work ages welL 
His earliest promising work, 
done in 1900 at the age of 18, is 
as somber as van Gogh’s boots. 
Six years later, however, Braque 
exploded into Fauvism and for 
a short while his paintings were 
all add greens and fluorescent 
pinks. Ibis continued until be 
bumped into Cezanne’s work 
sometime in 1907. He had 
turned out a few pre-Cubist 
landscapes in muted tones be- 
fore bong taken to Picasso's 
studio by the poet Guillaume 
Apollinaire. 

On the studio wall hung a 
large and startling canvas: “Les 
Demoiselles d’Avignon.” 
Braque was stunned by the tor- 
tuous, contradictory nature of 
the painting, its monumental- 
ity, and the absence of a coher- 
ent unifying space. 

“It’s as though you were forc- 
ing us to drink gasoline," he 
objected. 

That same month he began 
painting his “Grand Nu," 
which William Rubin considers 
a constructive riposte to the 
"Demoiselles.” It bangs in the 
current exhibition, an ugly nude 
but a well-built painting implic- 
itly containing all the later de- 
velopment of Braque’s work. 

Despite this initial reaction, 
the meeting with Picasso led to 
a major turning in Braque’s de- 
velopment The two artists be- 
gan elaborating Cubism togeth- 
er. In Braque’s words, they were 
roped together like mountain 
clim bers. Their common ven- 
ture continued until the out- 
break of World War L 
The slow, meditative Braque 
and the quicksilver Picasso 
formed a strange team — as ill- 
assorted, one might think, as a 
horse and an ox. It would, how- 



B RAQUFS career was 
spent painting large, 
complex, powerfully 
structured canvases, 
and it is in tins perspective that 
the email, simple paintings of 
the last years can appear magi- 
cal and moving. 

They are seascapes and land- 
scapes, and there is “nothing to 
them" in a sense — yet only a 
very great artist could achieve 
so much with this sort of “noth- 
ing." 

Basically reduced to two hor- 
izontal strips separated by a 
narrow band, empty fields, 
empty boats lying on a beach at 
sunset (or in the dark of night), 
they suggest the perception the 
artist could have rtf life, death 
and his own person as he ap- 
proached his 80th year. 

They radiate a beautiful sim- 
plicity and serenity and, while 
small in size, they open onto a 
much vaster space than do some 
of the larger canvases beside 
which they hang. 

Such is the synthesis or the 
summation in which Braque 
casts off all the complex ma- 
chinery of his art, and plays 
effortlessly upon his small can- 
vases like a consummate musi- 
cian on a reed flute. 


*1 Grand Nu , " Braque’s response to “Demoiselles. ” 


ever, be wrong to assume that 
all the invention came from Pi- 
casso, a notion that the latter 
tended to encourage. He did 
not always recoil before un- 
sportsmanlike behavior and on 
one occasion al least, snidely 
referred to Braque as “Madame 
Picasso." 

The fact is that Braque had 
started meditating on Cteannc 
before he met Picasso, and 
Cubism was the outcome of a 
meeting of minds. 

Braque was seat to the front, 
suffered a bad head wound in 
1915 and was demobilized in 
1916. Returning to painting he 
5t01 used the Cubist form, but 
color began to return and an 
mtnguing formal drift led to the 
major works of the last half of 
his life. 

The experience with Cubism 
and with collage encouraged an 
idiosyncratic organization of 
space, already implicit in C 6- 
zanne’s still-life paintings. In 
“Le Buffet" (1920), the top of 


Braque’s buffet slants upward 
like a draftsman’s table; the 
guitar has become an ideogram. 
The top of the billiard table in 
“Le Biflard” (1944) bends in the 
middle, while lines that look 
like vapor trails emanating 
from the nearby table and chair 
cot across it 

This painting in a way epito- 
mizes the singularity of Bra- 
que’s art The formal features 
are obvious enough and so are 
their Cubist origins. The pre- 
dominant colors are brown, 
ocher and ydlow. 

As in many of Braque's still 
Kfes, the setting is a rather ugly 
French intenor with heavy 
woodwork and pretentious fur- 
niture. These the artist manages 
to transfigure, as he does so 
many other obviously banal 
shapes, to the pant that the 
spectator is seduced into forget- 
ting the stylistic references in 
order to revel in the patterns the 
artist derives from them. 

Braque’s originality resides 



CHRISTIE’S 







Vim- 


in the way he restructures a 
space that is in itself banal and 
immobile (that of his studio for 
instance), making it vibrant and 
dynamic. Shapes are altered, 
sometimes in ways that might 
appear startling (as in the wom- 
an’s hand in “Patience"), but 
the overall structure always 
makes sense. 

The general structure of Bra- 
que's work op to the mid-’50s is 
strikingly complex. Matisse 
made large and complex works 
too, but there was a dance-like 
tightness to them, whereas Bra- 
que’s paintings are weighty, 
meditative, assembled like the 
pieces of a chest of drawers 
crafted by a good carpenter. 

It is this sense of complexity 
that is dominant .when the view- 
er leaves the main circuit open- 
ing the exhibition. One also has 
a feeling of incompleteness, as 
though these major works 
called for a synthesis. 

That synthesis is there, how- 
ever, in a different part of the 
building, opposite the founda- 
tion library, in works from the 
five last years of Braque’s life. 


Rem Koolhaas 's design for the Congrexpo in Lille, France ; the drawing will be part of an exhibition in New 

The Post-Nationalist Architect 


'» 


By Douglas Coupland 

I N 1967, when I was in the first grade, 
I was wildly envious of the house of 
my friend up the street, Steven. Ste- 
ven's family’s house gave the impres- 
sion of bong co-engmeered by the editors 
of Sunset magazine and the Apollo 11 
design t«nn? outward swooping walls with 
daisy-patterned cinder blocks; post-and- 
bearn nwKng s with cerulean blue Lucite 
room dividers. 

Plastic! Intercoms! Lava, rocks! Sky- 
lights! Bamboo! It was part“2001,” part 
Bemhana. 

Steven's house was so modem, in fact, 
that it contained no 90-degree angles. It 
made my own family’s Qeaveresque num- 
ber seem tike a frumpier version of Anne 
Hathaway’s cottage. 

It was hard to imagine inviting Sean 
Connery and fill Sl John over to our house 
far cocktails, while Steven’s house posi- 
tively exuded an anra of spies and politi- 
cians contemplating sex. 

Steven’s house was the embodiment of 
newness. Now, a quarter-century later, I 
ask myself where is newness currently be- 
ing generated architecturally? Where is 
Steven’s family living these days? 

Lille, France, would appear to be the 
answer, site of the half-buhon-dollar EU- 
financed Euralille at the French entrance 
to the Ghannftl T nnn ri, And the master 
planner of Euralifle’s newness is the archi- 
tect Rem Koolhaas, subject of an impor- 
tant show at the Museum of Modem Art 
beginning Nov. 3. 

“Thresholds/CLMA. at MOMA: Rem 
Koolhaas and the Place of Public Architec- 
ture,” on view through Jan. 15, will present 
models and other designs for five of his 
buildings, with pride of place going to the 
Congrexpo, his building at the Euralille 
complex, and three urban proposals, Eura- 
lille among them. 

Koolhaas’s 1978 book, "Delirious New 
York,” a celebration of the city’s conges- 
tion and architectural diversity, will, be 
reissued to coincide with the show. 

Visitors to the museum will see the work 
of a true Eurod tizen: 50, Dutch, tall, thin, 
austere and Maserati-driving, with offices 
in Rotterdam, a family in London, and 
design projects in France, England, Italy 
and Germany. 


To walk within the neatly complete 
complex at Ufie is to taste the mythology 
of Europe, 1992 — its sense of optimism 
and, as Koolhaas states, its “drastic inter- 
ventions across the territory” by projects 
exactly like Euralille or the truck-dogged 
conveyor-belt freeway system that pas 
turned Europe into a de facto Fordian 
assembly line. 

“Architects, fra- the first time in several 
decades, are being solicited for their power 
to physically articulate new visions," says 


Rem Koolhaas is Dutch , 
drives a Maser ati and works 
in France , England , Italy 
and Germany. 


Koolhaas, in person charming, unassum- 
ing, hyperarticulate. “Once again one feds 
a belief in the propagandists nature of 
architecture.” 

Euralille looks and feels as if a lunar 
research station has crash-landed onto a 
small, respectable French market town. 
This is meant as a compliment One gets 
the feeling that Steven and his family are 


would. Koolhaas meets this future filad 
on, and not simply through deconstrah? 
don, a process he considers “corny at^best 
— an obvious, quickly tiring metaphor for 
fragmentations ~- 

No, Koolhaas is fascinated by processes,^ 
that alter our world view so profoundly 
♦hat they- seem almost invisible. He be- 
lieves that “architecture reveals the deep- 
est and sometimes most shocking secrets of 
how the values of a society are organized.” 

Rem Koolhaas lassoes m31ennial;- fac- 
tors, then exploits them for structural and 
stylistic effect. Walls become doors; doors 
and walls vanish, altogether, geographical- 
ly distant rooms and places are afforded 
in-your-face visual intimacy with one an- 
other. 

Tern becomes bottom, and vice versa. 
Roads and railways penetrate and flow 
through structures. Seats within auditori- 
ums are assigned tribal clusterings of col- 
or. 

Koolhaas believes in the idea of social 




, Fa- 


hfrri imfawd and optimistic. His work. ea- 
gerly reforges the broken tink between 
technology and progress. He revels in tire 
unexpected rather than passively antici- 
pating agony. 


rooms using speech-based identification 
systems; transferring billions of dollars 
from one country to another in microsec- 
onds and hoarding high-speed trains to 
Brussels. Something is happening here. 
But what? 

What is happening is that Koolhaas is 
incorporating into bis work the structural 
processes that are info rming our society as 
a whole and is creating architectural meta- 
phors for these new processes. 

In the '50s and ’60s society built social- 
ized housing and United Nations buildings 
(liberal utopianism). In the ’70s it was 
bratalist universities (liberal paranoia). In 
the 1980s it built gold-skinned unleaseable 
S&L wedding cakes (late capitalism). And 
in the 1990s it builds European Union 
megaprcgects and computer codes (post- 
nationabsm and cyberspace). 

But Koolhaas also explores more subtle 
and pervasive forces. The future is happen- 
ing far faster than anybody ever thought it 


B ACK to home. Back to where I 
am from. Steven’s parents di- 
vorced years ago, and his family 
dispersed. I have no idea who 
lives in the house now, but I drove by just 
today, and its new owners seem to appreci- 
ate what they’ve got and have resisted the 
temptation to “modernize" a fine period 
structure. , 

Actually, Steven’s house now lodes se- 0 
date and established. The split-leaf ma- 
ples, azaleas and dwarf beeches out front 
have fully matured and soften some of the 
house’s zingy obtuse angles. What was 
once ex trem e has become quotidian. 

The past is a finite resource conserved 
by others, but not by us. We still believe 
that tomorrow is always a better place than 
today. And when we hear voices crying 
lf New » dead” in return, like Rear Kool- 
haas we cry, “Long tive the New!" 

Douglas Coupland, the author of ^Gener- 
ation JT and, mast recently, “ lift After 
God," a collection of short stories, wrote this 
for The New York Times. 


ausan 


A Slow Rebirth for Tretyakov Gallery 


By Lee Hocks tader 

Washington Past Service 


M OSCOW — Slowly, slowly, his 
great head wrapped in ^pro- 
tective shroud, Ivan the Terri- 
ble rose from the parquet 
floor. When the czar arrived exactly at the 
right height, the German workmen stopped 
winching him up, slid a reinforced wooden 
platform under the several tons of marble 
and gentled him against the wafl. The sculp- 
ture, an 1871 classic by Mark Antokolsky, 
was bonne at last after nearly a decade’s 
absence from the Tretyakov Gallery. 

Along with the marble Ivan, thousands 
of other works of art — the glittering stars 
of a thousand years of Russian culture — 
have been wheeled, hung, raised, lowered, 
hoisted and maneuvered into position in 
recent days at the Tretyakov. Closed in 
3985 for what was expected to be a two- or 
three-year renovation, the Tretyakov, the 
greatest museum of Russian art, is prepar- 
ing to welcome visitors once again. After a 
special one-day exposition for selected big- 
wigs, the gallery may be ready to admit the 
public by early next year. 

When it does, it will plug a gaping hole 
in the art scene here. In St. Petosbuig, the 


Hermitage houses one of the world's great 
art collections, but its strengths are its 
West European collections, not Russian. 
The Pushkin Museum in Moscow is known 
for its fine Impressionists and ancient 
Greek sculptures. To be sure, the Russian 
Museum in Sl Petersburg has impressive 
Russian works. 

But for sheer richness, variety and his- 
torical sweep, the Tretyakov’s holdings of 
Russian art are unmatched. They include 
renowned icons from the 11th to 17th 
centuries, vast collections of 18th-, 19th- 
and eariy-20thrcentury paintings and more 
modem pieces, ranging from pre-revolu- 
tionary canvases by Mare Chagall to Sovi- 
et-era examples of Socialist Realism. 

“Far almost 10 years nothing had been 
displayed,” one museum official says. “A 
whole generation of art critics has grown up 
that has never seen The Appearance of 
Christ Before the People,’ ” Alexander Ivan- 
ov’s mid- 19th-century realist masterpiece. 

In addition, the museum’s exterior, in- 
cluding the lovely 19th-century facade of 
the main bufldine and the adjacent nth- 
century cathedral with its graceful bell 
tower, are among the most spectacular in 
Moscow, set along a canal just across from 
the Kremlin. 

“It’s museum number one in Russian 


BOOKS 


art, no question about it," saw Valentin 
Rodionov, who became the Tretyakov’s 
director last December. 

Long-suffering lovers of Russian art, 
some of whom had given up hope years 
ago that the Tretyakov would ever open 
again, are marveling that the epic restora- 
tion is approaching its finale. At the oatset 
of the project in the mid-1980s, not only 
was the gallery in miserable condition, bnt, 
its only benefactor, the state, was rapidly . 
going broke. R 

M USEUM officials knew they 
faced a mammoth task, but in 
the end the project was noth- 
ing short of a restorer’s night- 
mare. Walls and c eiling s woe damp and 
moldy, crumbling from years of neglect 
When it rained, workers put out buckets 
and bowls to collect the water that dripped 
from the ceilings. Some pain tings sagged in 
their frames. 

“As we went along, we r ealize d that our 
needs and our appetite were growing," 
says Rodionov. 

The cost of the renovation, is difficult to 
calculate because of currency and exchange 
rate fluctuations, but this year alone more 
than 57 million from the federal and dty 
budgets has been spent on the restoration. 




M 




THE QUIET ROOM: 

A Journey Out of the Tor- 
ment of Madness 

By Lai Schiller and Amanda 
Bennett 270 pages. $22.95. 
Warner. 

Reviewed by David Pickax 

'T' HIS book undoubtedly will 
X find a place in the litera- 
ture of first-person accounts of 
suffering and recovery from 
mental mness. 

Written as a “life story" by 
Lori ScMller and Amanda Ben- 
nett, a journalist, the book skill- 
fully incorporates diary entries 
and interviews with family, 
friends and physicians into an 
intimate portrait of schizophre- 
nia — its onset, course and ulti- 
mately successful treatment 


NEW AUTHORS 

PUBLISH YOUR WORK 
ALL SUBJECTS CONSIDERED 
Authors Wwtt-wkto Jnvtad 
Write ot sand yow manuscript to 
MMERVA PRESS 
20LDBR0MPT0NHD. LONDON SW73DG 


with .the then-experimental 
antipsychotic drug clozapine. 

The work has much to teach 
the layperson and plenty to 
leach tiie professional. 

Schizophrenia is the most se- 
vere mental Alness, afflicting 
approximately 1 percent of the 
population with debilitating ef- 
fects cm thought and behavior. 
As the reader learns, schizo- 
phrenia is not a “split personal- 
ity’ bat rather the inability to 
distinguish what is real from 
what is not real. 

Its characteristic symptoms 
include delusions, auditory hal- 
lucinations, paranoia and the 
inability to perform previously 
effortless social acts. By any 
standard, Schiller has been seri- 
ously ill with schizophrenia. 
Her recovery involved hope, te- 
nacity, family devotion and 
medical advances. 

Schiller’s auditory hallucina- 
tions first arrived when she was 
a counselor at camp at age 17, 
when they seemed to be simply 
an odd psychological experi- 
ence. But they progre s sively be- 
came distracting, accusatory 
and disruptive. Within a year erf 


college graduation, Schiller was 
delusional, disorganized and 
subject to hearing voices. With- 
in five years of college gradua- 
tion, she was a chronic patient 
with a poor prognosis. 

The reader follows the fam- 
ily’s painful progression from 
denial to unfounded optimism 
to saddened acceptance and ac- 
knowledgment. In years past, 
psychiatrists told families that 
errors in their communication 
patterns caused their child's 
schizophrenia. While this un- 
conscionable misuse of scientif- 
ic reasoning remains only a 
footnote to modern psychiatry 
its legacy underlies an enor- 
mously successful family advo- 
cacy organization, the National 
Alliance for the Mentally EL 
Fortunately, the Schillers 

were spared tire direct assault of 

this theory. Nevertheless, guilty 
feelings abound. The Schiller 
family learned what numerous 
other families know about 
schizophrenia: It leaves no 
family member u n af fe cted, 

The reader of this book “ex- 
periences” the progression of 
severe psychiatric iTItmw 


lapse, repeated hospitaliza- 
tions, revised diagnoses and 
new medication regimens; sui- 
cide attempts, drug abuse and 
hostile outbursts; therapeutic 
community mid the quiet room 
(to reduce stimulation and con- 
trol behavior); the day-to-day 


Patients with schizophrenia 
occupy approximately 25 petf- ' 
cent of an hospital beds and ;r* : 
account, for 40 percent of aQ \ 
long-term care days in the Unit- 
ed States: 5. 

'Today Schiller teaches about ,. v 

schizophrenia, lives indepen- ■>' 
deafly and has recovered far 
beyond what was predicted. ^ 

While clozapine has provided 
substantial im pr o v ement for 
naany patients with stihizophre- ■ \ 
ma, it does not cure the disease, o 

as we are reminded when SchQ- ■ h‘- 

la’s dose is reduced. In the end, 'l 

however, the reader shares the 
pleasure of ha recovery, but is . 

co °y*med about ha continued V ’ ' 
wen-being. V?-" 




David Bichat, a psychiatrist 
practicing in Washington, wrote 
this for The Washington JPost. 


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The Fashionable Greeks: Gold Jewelry From Antiquity 


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International Herald Tribune 

L ONDON — A world of tiny ani- 
mals and humans carved on 
seals, a pageant of miniature god- 
desses and nymphs in low relief 
dangling from earrings, and the micro- 
scopic tracery of ornament that shimmers 
in gold: On view at the British Museum 
until Oct 23, “Greek Gold Jewellery of the 
Classical World” offers a vision of antiq- 
uity, rich, often too rich, but full of riddles. 

The very significance that Ancient 
Greeks attached to jewehy is not fully 
understood. At one point, fashion changed 
abruptly for men. Dyfri Williams and Jack 
Ogden note in the catalogue that in the 
early sixth century B. C„ they still wore 
neck bands and earrings in Attica, the 
heart of Greece, as shown by marble sculp- 
ture. By the mid-sixth century B. C„ this 
was over. Wearing jewelry became the 
privilege of women. Only in the narrow 
coastal strip of Ionia on the Aegean Sea 
-kdid Greek men continue to adorn them- 
selves with bracelets and earrings for an- 
other 100 years or more. 

One possible reason, not discussed in 
the catalogue, is that the Ionians were the 
immediate neighbors of the Near Eastern 


cultures from which Greece borrowed the 
models of its early jewelry. There, men 
wore bracelets and earrings. The writers 
remind the readers erf Xenophon’s story 
about the dismissal of a soldier in the army 
he led in 401 B. C. “because he had ears 
like a Lydian.” 

Perhaps a great deal more would be- 
come clear if the little baubles had come to 
tight through proper archaeological exca- 
vations. Hardly any in the show have. A 
key discovery was missed as long ago as 
1804. The famed Lord Fl gfn (yes, the Elgin 
Marbles guy) got a man called Giovanni 
Battista Lusieri to work on a vast tumulus, 
76 meters (250 feet) in circumference and 
24 meters high, near Piraeus. Three me- 
ters down from the top. Lusieri’s gang 
turned up a big oval marble vase with a 
broken lid. Inside, a bronze vase of great 
beauty, on view in the show, contained 
some burned human bones over which a 
gold myrtle spray was laid. 

On the bronze vase, an engraved inscrip- 
tion says, rather cryptically, “I am one of 
the prizes of Argrve Hera.” No doubt other 
objects were associated with it in so large a 
mound. None remains. Even the bones, if 
preserved, might yield today indications 


about the sex and probable age of the 
deceased but these were piously “returned 
to earth” — the details are unavailable. So 
the precise nature and meaning of the 
spray have yet to be worked out. 

Irritatingly, the mystery sometimes dee- 
pens even when the circumstances sur- 
rounding finds are better recorded. In 
1862, two archaeologists opened a tomb at 
Kamxros in Rhodes. They found an Attic 
black-ground vase painted with a mytho- 
logical scene, Peleus seizing Thetis as she 
bathes, and a small marble casket contain- 

SOUREN MEUKIAN 

mg an oval seal. The motif carved on the 
seal. ft heron with the head of a stag, 
remains enigmatic. 

With the seal were two gold earrings 
shaped as reels. One went to the British 
Museum, the other to the Louvre. On the 
London reel, a nude Eros stands on one 
side playing with a iimx, a ma gi c device 
supposed to arouse sexual desire. On the 
other side a Nereid mounting a dolphin 
bolds up Achilles’s helmet. If the seal with 
the stag-headed heron and the earrings 
have a Imk, no one has explained it so far. 


In Lausanne, One Dealer’s Artists 


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L AUSANNE, Switzerland — The 
sometime symbiosis between art- 
ists and their agents has availed 
art history of some of its more 
at scenarios. But because they are 
neither creator nor collector — an, and 
4 1 J'^ ideally money, merely passes through their 

hands — commercial agents rarrfy serve as 
raison d’etre for an exhibit. One exception 
is the Polish poet turned art dealer Leo- 
pold Zborowski, whose efforts on behalf of 
Soutine, Modigliani and Utrillo, among 
other artists active in Paris in the between- 
war years, inspired the current show at 
Lausanne’s Hermitage Foundation. 

The common denominator of the more 
than 200 public and privately owned 
works assembled for “Zborow ski’s Paint- 
ers’’ (through Oct.23) is that each passed 
through the hands of the self-styled deal- 
•er, whose marketing success was as mate- 
rially critical to him as it was to his often 
impoverished clients. Indeed, the recipro- 
cal devotion between Zborowski ana his 
ultimately celebrated charges is the sub- 
text of this exhibit, whose highlights — 
nudes by Modigliani, southern land- 
scapes by Soutine — the dealer alone 
made possible. 

A professional tutor with a penchant for 
poetry, Zborowski moved to Paris in 1914 
to study literature. He was 24, and so 
embraced the boheme lifestyle that he was 
more of a regular in the cafes than in ihe 
c lassr ooms. Settling in Montparnasse in 
1917, he earned at the neighborhood caffe, 
La Rotonde, the necessary education for 
his immin ent career. Mingling there with 
Derain, Dufy and Moise Kjskng, a compa- 
triot who introduced him into the milieu of 
immigrant artists; Zborowski wet Amedeo 
Modigliani. 

Signing a contract to represent Modi- 
gliani in 1916 not only provided a new 
vocation for Zborowski but an extended 
family for the artist, whose daily welcome 
at his dealer’s apartment included studio 
space, materials, models — including Ma- 
dame Zborowski — and a stipend of 15 
francs in exchange for his paintings. 

ModigUani made his first series of nudes 
at Zborowskfs, where, in addition to the 
modest dining room setting, subjects and 
even colors were supplied by his enterpris- 
ing host. Estranged from his longtime Par- 
is dealer, Paul Guillaume, Modigliani let 
ZborowsJd organize his first one-man 
show at Paris’s Galerie Berthe WeOl in 
1917.' The nudes in the vitrine brought 
scandal in lieu of sales, but Zborowski’s 
persistence allowed Modigliani to fully 
taste success a few years short of his death 
in 1920. 

) 

T WO years later, the American 
collector Dr. Albert G Barnes 
bought out Zborowdri’s inven- 
tory of 15 tableaux by Modiglia- 
ni, and 150 by Soutine. Proceeds — and 
publicity — from Barnes’s momentous vis- 
it enabled Zborowski to open a small Left 
Bank gallery in 1926, and take on a stream 
of smaller talents, including Isaac Antcher 
and Gabriel Fournier. 

All are represented in this show, which 
becomes a visual chronicle of Zborowski’s 
episodic career. Here is a room of Modi- 
pliani nudes, depicted with the voluptuous 
abandon and sheer palette that shocked 



i .. 


Amedeo Modigliani portraits of 
Leopold Zborowski and Jeanne He- 
buteme, both done in 1918. 



viewers decades ago. Here is a blue-toned, 
meditative Zborowski in suit ( 191 6), and in 
shirt-collar (1918), betraying, along with 
other portraits of musiached men and al- 
mond-eyed women, the singular, stylistic 
melancholy of Modigliani. 

Keen taste and a caretaking spirit at- 
tracted Zborowski to difficult, albeit 

K romismg individuals. Among them was 
laurice Utrillo, a painter whose legacy 
was rooted in his mother's adopted Mont- 
martre, but who came daily to Zborowski's 
from 1916 to 1923 to paint the Paris streets 
and suburbscapes he became famous for. 
Utrillo's mother, the painter Suzanne Va- 
ladon, would also come under Zborowski's 
wing. 

L ESS enamored of the tempestu- 
ous Lithuanian who hovered in 
Modigliani's shadow, Zborowski 
nevertheless admired the raw ex- 
pressionism with which Chaim Soutine 
rendered essential items: slaughtered 
fowl, plates of food and people whose job 
was to serve them. Zborowski signed on 
the artist in 1919, soon dispatching him to 
the Pyrfenfees. The episode augured Sou- 
tine’s most fertile painterly period, evi- 
denced by the brilliant “Red Staircase at 
Cagnes” (1918) and “The Plane Trees at 
Cferet” (1919). 

An avowed amateur with a poet's prag- 
matism, Zborowski was in character closer 
to the artist than the accountant. This fact 
assured affinity with his adopted entou- 
rage, but equally facile failure when, suc- 
cumbing to a protracted injury at 41, he 
died in the destitute circumstances from 
which he'd rescued several artists. A New 
York Times obituary described Zborowski 
as a “famous Polish art dealer” who “knew 
how to drive a hard bargain with a wealthy 
collector but was known to be kindly and 
generous to struggling young artists.” 

It is difficult to imagine such strife in the 
rarefied setting of the Hermitage, an ex- 
quisitely preserved 19th-century estate 
built by a Lausanne banking family, and 
given a public cultural vocation only in 
1970. However, parquet floors and marble 
mantels reminiscent of the building’s bour- 
geois origins duly complement the time- 
lessness of artwork championed by Zbor- 
owski. 

As for Zborowski, whose biography may 
be patched together from artists’ mono- 
graphs, he has remained obscure out of 
neglect, which this kind of exhibit will 
correct. Until then, however, it seems that 
in death as in life, Zborowski ensured that 
his artists came first. 


Ginger Danto is a free-lance journalist 
based in Paris who specializes in the arts. 


Arts & Antiques 

Every Saturday 
Contact 
Fred Ronan 
Tel.: 

(33 1 ] 46 37 93 91 
Fax; 

(331)44 37 93 70 
or your nearest 
IHT office 
or representative 


At least the sites of these 19th-century 
finds are often known. In those uninhibit- 
ed days, art hunters went around di ggin g 
up what sites they fancied. The permission 
of any local authority would do. Nowa- 
days. procedures have become more sur- 
reptitious and rougher. Official permission 
to excavate for treasure is denied every- 
where. So illicit digging has gone under- 
ground, and no provenance is ever publicly 

admi tted. 

Among the most extraordinaiy objects 
in the show is a pair of arm bands in the 
form of a Triton and its female consort, 
which were bought by the Metropolitan 
Museum in 1956. They are “probably from 
northern Greece,” the catalogue says with- 
out elaborating. 

An inscription drilled in Greek capitals 
on the underside of the snakelike lower 
part of the body reads “Zd,” short for 
“Zoila.” The f eminin e name is presumably 
that of their erstwhile owner. She must 
have been a rich woman — another group 
of six pieces of jewelry (two rings, two 
bracelets, one necklace, one medallion) 
came to light decades ago, with that same 
drilled name. The body of the female Tri- 
ton is a small masterpiece of ancient sculp- 


ture, making the loss of archaeological 
documentation a matter of great regret. 

Even its survival, however, can leave 
major questions unanswered as may be 
seen when it comes to the art of the “North 
Pontic Cities," in present-day Crimea. 
Here, East and West met and mixed 
against all odds. In the main , this was the 
world of the Scythians, those nomadic Ira- 
nian groups who roamed the steppes north 
of the Achaemenid empire, from present- 
day Kazakhstan to southern Ukraine. 
Greek settlements appeared in the Crimea 
in the first half of the sixth century B. C. 
By 480 B. C., they had organized' them- 
selves into the Bosporan kingdom. Little is 
known about the population balance be- 
tween Scythians and Greeks, or the pro- 
cess that led part of the Scythian elite to 
become largely Hell raized. 

T HAT pan of the story is told by 
the jewelry and other finds from 
tombs. There were imports from 
Greece and from Iran — pottery 
from Athens, of which two specimens are in 
the show, some erf the famous silver vessels 
from Achaemenid Iran, such as the drinking 
horn found in the Tomb of the Seven Broth- 
ers, which was too fragile to travel. 


But the more intri guin g items are the 
composite artifacts. A gold bull's head only 
two centimeters high from Pantikapaion 
looks Greek in handling. What is not is the 
idea of such a piece as a pendant, nor is the 
use of enamel for the eyes and for ivy leaves 
over the head. T wo gold earrings in the form 
of female heads also from Pantikapaion are 
miniature masterpieces of Greek sculpture 
but the women wear crowns, an Ir anian 
idea, and enamel is used again. The result is 
a kind of spurious Greek art 

The ultimate in composite jewelry is 
probably the famous Hermitage torque 
from Kul Oba with two confronted Scyth- 
ian riders as finials to its extremities. The 
naturalistic treatment is thoroughly Greek, 
but the subject is nou nor the very model 
of the torque, alien to Greece for men or 
women alike. This must be a Scythian, 
commission to a regional workshop with 
craftsmen and designers from various 
backgrounds. 

This is an interesting but difficult show 
to go through for nonspecialists. It takes- 
an eye usedto the contemplation of the. 
minute. But, as journeys through the exoti- . 
cally rarefied go, you cannot beat it. 


ART EXHIBITIONS 


ANTIQUES 


SEPTEMBER TO X. OCTOBER 1994 



FRANC! 


1994, 

30th Anniversary 
of the Fonda Lion Maeght 


Georges Braque 

5 July - 15 October 19$M 

Fondation Maeght 

06570 Saint-Paul, France 
Tel.: (33) 93 32 81 63 - Fax: (33) 93 32 53 22 


ORIENTAL ANTIQUES 


W0 buy and mU Jh wum AnUquM of i 
Hi* Edo and Maqi Period*: 

Fine Sottuna. bnatl. Japanese rio sa raa. 
bn/ctes. Samurai swords, tangs and armor. 

(I 4 lh oentuv though 19 th century.) 
FLYWfi CRANES ANTIQUES, LTD. 
1050 Second Avenue, Gallery « 5 S 
New Yen*. NY 10022 
Tot G 12 J 22 W 600 - Fat ( 212)2234601 


COLLECTORS 


Spink 
deal in 

English Paintings and Watercolours 

Oriental. Asian and Islamic Art 
Textiles ■ Medals ■ Miliiaria 
Coins - Bullion - Banknotes 

■ SPINK! 

SPINK & SON LTD. 5. b 4 7 KING ST. 

ST JAMES'S. LONDON. 
ENGLAND SW l > tOS TEL 7SSS 

FAX: 071-839 4K53 TELEX: 916711 


AUCTION SALES 


“SERIOUS COLLECTOR" 


Wishes to acquke tndMdual pieces 
andfar entire colection (s) of 1 9th Centuy 
drearier swords, rapiers, daggers etc. 
Must be in excellent condition 
Please tax particulars to: 
Canada 416-667-0961 


QprA’err 

SordalRewnm 

ARTS & 
ANTIQUES 

will appear on 
Oct 29 

For more Inlormation, please oonieci 
your nearesl t.H.T representative or 
Kimberly Guerrano-Bmrancoun 
Tel.: 46 37 93 00 EA 4344 
Fax: 46 37 90 70 


37. RUE DES MA7HURINS 
75008 PARIS 



TEL: (33.1)53 30 30 30 
FAX: (33.1) 53 30 30 31 


FRANCE'S LEADING AUCTION HOUSE / INTERNATIONAL AUCTION HOUSE 


NEW ADDRESS: 

37 rue des Motiiurins • 75008 Paris - Tel. : (33.1) 53.30.30.30 Fax : (33.1) 53.30.30.31 


Represented in the United States by Kefty Maisonrouae & Co. Inc. 

1 6 East 65th Street - Fith floor - New York 1002 1 
Tel . ; (212) 737.35.97 - Fax : [212) 861 14 34 

HOTEL DES BERGUES in GENEVA 

33/ quai des Bergues - 1 201 Geneva 

Tuesday/ November 15/ 1994 

Public auction organized by Maltre Jacques TAJAN 

VERY IMPORTANT JEWELS 

among others oval diamond "fancy light blue natural color" : 10,16 cts, 
brilliant diamond "fancy light yellow natural color" : 30,06 cts, 
gold riviere with diamonds and sapphires ; 5,97 cts, 
diamond "fancy yellow natural color" : 5,15 cts and briolette diamond : 30 cts, 
diamond ring "fancy yellow natural color" : 22,58 cts, 
gold and diamond ring : 47,15 cts, 

pair of gold ear clips decorated with two diamonds "fancy intense orangy 
yellow natural color and orange yellow natural color" : 4,56 et 4,62 ds... 

Experts : MM. R. D6chautetTh. Stetten, Ed. de Sevin 
J.P. Fromanger, V6ronique Fromanger, Mme Chantal Beauvais 

To include jewelry in this sale, 
please contact in Paris : Florence Grether 
Tel. : (33.1) 53 30 30 30 - Fax ; (33.1) 53 30 30 31 













Paged 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 10-11, 1994 


U.S, Wants Haitians Tension 

For Interim Police ^ Rwanda 

DJi j. r i'. r» As 2 Die 


Refugees at Guantanamo Bay 

Are Part of Post-Invasion Plan ^ Blast 


By Ann Devroy 
and Bradley Graham 

Washmgum Post Service 

WASHINGTON — The 
United States, stepping up its 
planning for the invasion of 
Haiti and its aftermath, has be- 
gun recruiting Haitians now ex- 
iled at Guantanamo Bay to be 
part of a future civ ilian police 
force for Haiti, administratioa 
officials said. 


Such a force would be in- 
stalled almost immediately af- 
ter a U.S.-led invasion, officials 
said. Soon afterward, they said, 
a permanent force would be re- 
cruited and trained under a pro- 
gram b eing developed by the 
Justice Department. 

Preparations for the invasion 
took on a note of immediacy 
Thursday when the Pentagon 
announced that seven giant car- 
go ships were being readied in 
ports around the country to 
transport heavy equipment for 
possible use by U.S. forces. 

The ships, each of which is 
about 700 feet (212 meters) 
long, rank among the biggest in 
the nation’s reserve fleet and 
are normally used to carry 
tanks, trucks, tracked vehicles 
and other weighty equipment. 

[The United States on Friday 
ordered the preparation of five 
more military cargo ships for 
the invasion fleet. Reuters re- 
ported.] 

The sizable transport capaci- 
ty being activated surprised 
even some Pentagon officials, in 
light of widespread predictions 
that an invasion of Haiti would 
meet little resistance and could 
be managed quickly. 

But sources familiar with the 
contingency plans said signifi- 
cant forces would be available 
and used if the United States 


invades, possibly with 15,000 to 
20,000 troops involved. 

A senior official said a “drop- 
dead date” by which Haiti's 
military leaders must leave has 
not been decided by President 
B0i Clinton, but that it would 
probably be between the last 
week of September and mid- 
October. Pentagon officials 
said another week or two is 
needed to move all the equip- 
ment and forces into place. 

Under the U.S. scenario for a 
post-invasion Haiti, an interim 
police force made up of Hai- 
tians now in the military there, 
assisted by as many as 500 Hai- 
tians as t ranslato rs, aides and 
helpers from Guantanamo Bay, 
Miami, New York and else- 
where, would arrive “within 
days” of the invasion. 

The Haitians at the U.S. na- 
val base at Guantanamo Bay, 
Cuba, were taken there after 
U.S. ships picked them up when 
they tried to flee Haiti in boats. 

Police “monitors” from the 
United States and several other 
nations would oversee the inter- 
im force to prevent human- 
rights violations and other “un- 


acceptable behavior" by 
members of the current military 


members of the current military 
selected to be part of the force. 

Officials said Haiti's exiled 
president, Jean-Bertrand Aris- 
tide, who would be restored to 
power in the U.S. invasion, and 
others have lists of “known bad 
guys,” bat the nucleus of the 
new force would be drawn from 
the current military. 

Repl acing the interim force 
would be what the United 
States envisions as a permanent 
civilian force of 4,000 recruited 
in Haiti. A new “police acade- 
my” would be immediately es- 
tablished in Haiti 


Reiaen 

KIGALI, Rwanda — A 
bomb blast killed two people in 
southwest Rwanda, it was dis- 
closed Friday, and aid workers 
reported increased tension in 
refugee camps inside the coun- 
try. 

The blast occurred in the 
southwestern village of Kasar- 
am« on Wednesday, a UN mili- 
tary spokesman said, a day be- 
fore a UN report emerged that 
said troops of the ousted Hutu 
government were preparing to 
go back to war after regrouping 
over the border. 

Major Jean-Guy Plante said 
Ethiopian UN troops arrested 
two suspects after the blast but 
he had no other details. 

In a report to UN headquar- 
ters, the UN envoy, Shaharyar 
Khan, said UN upops spotted 
armed men in military fatigues 
crossing into Rwanda from 
Zaire and Burundi, apparently 
in preparation for guerrilla war- 
fare against the new Rwanda 
Patriotic Front government 

The Front, led by members 
of the Tutsi minority, seized 
power in July after a three- 
mouth offensive. 

Troops and militiamen loyal 
to the defeated Hutu regime, 
widely accused of killing up to a 
million Tutsi or Hutu oppo- 
nents in a genocide campaign, 
fled across the border among a 
huge refugee exodus. 

Mr. Khan said sniping and 
shooting had increased in the 
southwest and that without rec- 
onciliation civil war and massa- 
cres in Rwanda could continue. 

The exact nature of the 
shootings was not clear. 

“There is a lot of tension with 
the RPF moving in,” an aid 
worker in the southwest said. 



AMERICAN 

TOPICS 


A New Prescription 
For Family Doctors 


Medical schools can do a 
lot to influence young doc- 
tors to become general prac- 
titioners rather than high- 
priced specialists, according 
to a study by the Association 
of American Medical Col- 


candidates, from 1972 on- 
ward, found that tire same 
high percentage of female 
incumbents kept their seats 
as male incumbents, and 
about the same proportion 
of women challengers won 
as men. But even though 
women make up 51 percent 
of the U.S. population and 
53 percent of American vot- 



ers, only 11 percent of the 
U-S. House, 7 percent of the 


' ' }/ ' ; * V 'l 




Dm Lcvuc/Rcnftn 


A fire official from Pittsburgh International Airport after leaving the scene of the crash. 


JET: Investigators Seek Cause of Crash That Killed 132 


Gmtinaed from Page 1 
Pittsburgh International Air- 
port on a flight from Chicago 
that was scheduled to go on to 
West P alm Beach, Flonda. 

Richard Tienary, a retired 
truck driver who lives on a 
wooded hiO above the crash 
site, said he and a neighbor, 
Gerald Taylor, were sitting in 
Mr. Taylor’s yard when the 
plane went over, maVfng “a 
popping sound, like a muffled 
backfire,” rather than the famil- 
iar roar and whine of a jet, as if 
the pilot was “trying to restart 
his engine.” 

With small puffs of smoke 
coming from its left engine, Mr. 
Trenary said, the plane banked 
to one side and plummeted into 
the trees. “It was a nosedive 
strai ght down.” he said. “A gi- 
gantic ball of fire.” 

Mr. Taylor walked to tbe 
crash site to find a horrifying 


scene of wreckage, blackened 


«nH t in places, still burning 
Most of the wreckage, he said 


Most of the wreckage, he said, 
was unrecognizable. 

The death toll of the US Air 
crash was the highest since 156 
people died in the Aug. 16, 
1 987, crash of a Northwest Air- 
lines MD-80 as it took off from 
Detroit Metropolitan Airport. 

The last three fatal crashes of 
regularly scheduled commercial 
airliners in the United States 
were of USAir planes: a 737 
that skidded off the runway at 
New York City’s La Guardia 
Airport and into Flushing Bay 
on March 22, 1992, killing 37 
people; a DC- 9-30 that went 
down outside Charlotte, North 
Carolina, on July 2, also killing 
37 people, and Thursday’s acci- 
dent. 


On the airline's record of five 
crashes in five years, Dave 
Shipley, an assistant vice presi- 


dent for tbe company, said 
there was “no thread of conti- 
nuity between the accidents.” 

The plane was powered by 
engines made by CFM Interna- 
tional, a joint venture of Gener- 
al Electric Co. and tbe French 
manufacturer Snecma. The 
company sent an investigator to 
the scene. 

Federal Aviation Adminis- 
tration records show no acci- 
dents or incident reports on rec- 
ord for the jetliner, which was 
built in 1987. It had undergone 
a routine maintenance cheat on 
Wednesday, in Hartford, Con- 
necticut. 

USAir’s chairman, Seth 
Schofield, said the airline's re- 
cent financial problems had no 
bearing on the string of five 
crashes in five years. USAir, 
based in Arlington, Virginia, 
has lost money everv year since 
1989. (Reuters, NYT, AP) 


In 1945, 20 percent of all 
Ameri can doctors were spe- 
cialists and 80 percent were 
in general practice. Today, 
70 percent are specialists, 
and 30 percent are m general 
practice, the study said. 

Medical students are at- 
tracted to specialties by bet- 
ter pay, greater prestige and 
the chance to participate in 
medical breakthroughs. But 
specialization is partly to 
blame for the soaring costs 
of medical care. 

Researchers found that 
schools that stress a desire to 
help others and a sense of 
social responsibility turned 
out many more generalists 
than schools not using such 
criteria. 

And generalists were 
more likely to come from 
schools with a curriculum 
that stresses that choice, not 
only because of its content 
but because faculty mem- 
bers serve as role models. 

In the 1989-90 academic 
year, 36 percent of schools 
granting M.D. degrees had a 
required family medicine 
clerkship for thud-year stu- 
dents, the study said. 


UJS. House, 7 percent of the 
U.S. Senate, 8 percent of 
governors and 21 percent of 
state legislators are women, 
the study said. The caucus is 
looking into why so few. 
women run. 




HP** 


Robert Shapiro, chief de- 
fender of O.J. Simpson, 
says that in dealing with the 
media, “ ‘No comment’ is 
the least appropriate and 
least productive response” 
to reporters. “Coming at the 
end of a lengthy story, it 
adds absolutely nothing and 
leaves the public with a neg- 
ative impression.” 

f!hin up. “Do UOl lOWBT 
your head and look at the 
microphone. This will cause 
your eyes to close and give 
you a dazed appearance." 
Mr. Shapiro adds, “A good 
rule is to try to look over the 
cameras.” And, “rather than 
be intimidated by cameras, 
think of than as a friendly 
audience.” 




Short Takes 


One of the judges in this 
year’s Ernest Hemingway 
look-alike contest in Key 
West, Florida, where the 
writer had his home base 
from 1928 to 1939. was 
Anne Hemingway Feuer of 
Miami. Mrs. Feuer is the 
daughter of Hemingway's 
younger brother, Leicester. 
She said she doesn’t mind 
tiie Hemingway Days Festi- 


*"TC 


val, a weeklong celebration 
that includes the look-alike 
contest. “It’s the direction 
that everything in America 
has gone,” she said. But 
what would her famous un- 
de himself make of it all? “I 
think he’d probably move 
out of town for the week- 
end,” Mrs. Feuer said. 

International Herald Tribune. 


Women in American poli- 
tics win at tbe same rate as 
men but so few women run 
that they represent rally a 
fraction of top office-hold- 
ers, according to the Nation- 
al Women’s Political Cau- 
cus. It said a study of more 
than 50,000 U.S. political 


. ■*>*■ « 1 * 


CLINTON: Golf as a Slice of Life 


Continued from Page 1 


jock. His wild, unpredictable 
tee shots that bounced off Se- 


j nr.,...,,., it. i- j icc miuu uiac uuuulcu uu 

treated atergate. He bed Service agents and specta- 
about it Never a passionate ™ » 


auwi «u a fodder for many a 

golfer or much of an athlete, he 

.. ... l:. Bob Hope ioKe. 


■still worked tirelessly to get his 
game down to a 14 handicap. 


iOpciokc. 
Mr. Foi 


Ford was such a 


Msssasere 


The people are worried.” 

Major Haute said the United 
Nations had no evidence of a 
plan for a Hutu offensive, and 
the UN report contained only 
raw information. 

“It is not a document you 
would go to war with,” he add- 
ed. 


PRICES: Jump in U.S. Wholesale Inflation Fans Fears on Wall Street That Rates Will Rise 


Continued from Pige 1 


But few are miking about a tbe year so far an average 2.6 set for release Tuesday, before may have exaggerated the rise 


manufacturer. “It's leas of a “5“. *2 “ ° ld ^ of P“£5“-. 


buyers’ market now ” 


high inflation. Many econo- “The key question is whether predictions. 


they actually raise their their in clothing and tobacco prices. 1 


mists said they were expecting such pricing pressures will con- Economists, meanwhile, said 

. — : j n c. -_i ,k.. .r ,k. a ■ 


i- Despite inflation of less than fte pickup in consumer prices tome. Sternberg, an that some of the August pnee - - b ^ ~ 0 7 

The number and gravity of 3 percent so far this year at the over the next year to put mfla- economist at Merrill Lynch, increase were clearly one-time rrfWtVS one 

olent incidents remained low consumer level and virtually rim, somewhere between 3 per- Accelerating producer prices events. Food prices rose 0.7 per- 


But few dismissed the report 
as an anomaly. Tbe strong rise 


tion somewhere between 3 per- 


Mr N«nn nnf Mticfiw? Tn p , Violent iuciuceu* rcmauicu iuw wuouuka v Don SOmCWUCre 0« 

trae ofh&^Sikl S- bSJd game- They treated him modi despite UN forces taking over flat producer prices in the cent and 4 percent 
one or ms dooks, nc coasted ,h R wav Am#n«ir« trear«t him i _r .i .i coring and early s umm er, the 


the way Americans treated him 
ihout breaking SO, wbch led ^ prc ^ dcnt: ^ a perfectly ac- 


®“, Lewis ^aSTSSSTSS S. 

2^ ,“o“ oTSSrd™ ““ choice has had to drop 
liddv'T" 


Liddyr 


out of the game. 

The lesson in ail of this is 


control of the southwest from 
French troops last month, he 
said. Small amounts of weapons 
had been found in the area. 

He said 150 RPF troops were 


Accelerating producer prices events. Food prices rose 0.7 per- 
do not always get translated cent, pushed up by a big jump 


P iling and early summer, the . ... I 010 a speedup in overall infla- in beef and fish prices. Gasoline 

ed has raised interest rates five Tne report Friday the Labor tion and monthly price data are, prices rose 6.8 percent after ris- 

times, citing concerns that in- Department showed that the by their nature, volatile. Many ing 8 percent in July. An upbeat 
flationary pressures would sharpest price increases at the analysts are betting that the crop outlook and softer crude 


In his autobiography, the obvious: There may be more to 
golfing legend Sam Snead re- be gleaned from a president's 


build as the economic expan- farm and factory were for ener- 
sion rolled on. But because it gy and food. But prices for 


counted a story about a time golf game than from his poll 
when Mr. Nixon’s ball flew into numbers. 


now in the former safe zone^ ^ ^ ^ months to a year many other goods, from doth- 
whicb was set up by French fQr rate increases to ing to cars, also rose Significant- 


Fed, which last raised rates in oil prices suggest that these in- 
August, will wait for another creases are not apt to keep spi- 


the deep rough. The president 
disappeared into the bushes to 
retrieve it. A few moments later, 
Snead saw it arc effortlessly out 


troops in July to protect civil- gm^jj enough to have an ly. Excluding the volatile food 
ia“s- impact on inflation, prices and energy categories, prices at 

Deploying Zambian UN continue rising in the the producer level rose 0.4 per- 


couple of months of data before rating. 

acting again. Further, said Carl Palash, an 


onto the fairway. “I knew he opposition research on the pres- 
threw it, but I didn't say any- ident’s driving and putting. 


uirew it, out 1 Qian t say any- 
thing,’’ he wrote. 

Press coverage of Gerald 
Ford’s game enhanced his repu- 
tation as a bumbling, if likable. 


numbers. ia “?- _ . _ impact on ii 

Confident Republicans, in Deploying Zambian UN continu 

particular, believing that Mr. troops in the southwest and Ni- months ahead. 
Clin ton is now on the ropes, gerian troops in the northeast 
mi^ht benefit by focusing their was delayed because of a lack of ~ 

opposition research on the pres- money. T A "PA 

ident’s driving and putting. Meanwhile, in Burundi about J-TU- .rU. 

People who have played with 40 people were wounded on 

Mr. Clinton report that he plays Friday when a grenade was Continued 1 
his strongest golf on the back hurled into the main market in oriented two- 
nine. tha nation’s canital Buiumhura. And that seen 


Economists are waiting at economist at MCM Mon- 
least until they have had a eywatch, the seasonal adjust- 


chance to pore over the con- meats that the Labor Depart- 


sales and tight inventories. The 
prices of many semifinished 
goods that manufacturers buy, 
including metal parts, chemi- 
cals and fabrics, have been ris- I 
ing briskly for several months. 

The strongest reasons for 
thinking that the August rise 
may be a prelude to inflation 
creeping higher are two: busi- 
ness and consumer expecta- 
tions, and the Fed’s generosity 


DOMIC SCENE 


fcinirStH 


cent. That makes the rate for sumer price index for August, ment makes to the numbers earlier in the recovery. 


ident’s driving and putting. 
People who have played with 


JAPAN: In 2-Party Election? a New Political Chapter AH): Israel- PLO Meeting Canceled 


Continued from Page 1 Yuzuru Tsuzuki, 43, a veteran 

oriented .sparry . conreeu. 


International 

Classified 

Marketplace 


security sources said. 

At least nine neonle were an industrial area surrounding 2“““ Y UU1JUWU * 
killed and 17 wounded Sunday Nagoya, midway between To- and consumers and worn- 


&S.TZ&SS1Z 

an industrial area surmundinp r ^ orm coalition, like deregula- 


from Yasser Arafat over how 
the agreement has been carried 


in an attack on a Roman Catho- kyo and Osaka, 
lie church in Burundi’s north- The special 
east Muyinga Province. frst campaign i 

Ethnic violence and strikes in fie® since the f< 


kyo and Osaka. ms* rights. 

The special election is the To emphasize that they rep- 
first campaign for national of- F^ 1 a “f? 


'Monday 

international Conferences and Seminars 
'Tuesday 

Education Directory 

•Wednesday 

Business Message Center 
'Thursday 

International Recmltment 

Friday 

Real Estate Marketplace, Holidays and Travel 
Saturday 

Arts and Antiques 


^EAnic ^tioleace andstrikes in fice' the both candidates declioe to de- 
August swept much of Burundi, two warring coalitions. There 

which has the same ethnic mix are seven candidates running ShS 

as Rwanda and has been teeter- for the vacant Diet seat, butthe ch 0 }^ ****** i0 . th ®J™S on 
ingonthe brink of anarchy. two dominant figures are a pair 

^ of political newcomers re£re- Party,” doubling the adjective 

1 seating the two coalitions. 10 emphasize that he stands for 


Mr. Kaifu has since quit the Continued from Page 1 from Yasser Arafat over how 

Liberal Democratic Party and Middle East and North Africa, the agreement has been carried 
seems dearly committed to the Caio Koch-Weser, said, “If we crat, entered the self-rule areas 
reform cause. In fact, when the arc to move forward on the all- for the first time Friday, The 
coalition first decided to back important economic agenda, we Associated Press reported from 
his son as its candidate here, cannot allow such meetings that Jericho. _ 

Mr. Kaifu rejected the plan on are expected to mobilize and He said he was coming back 
the grounds that hand-me- coordinate aid to the Palestin- as an ordinary dtizen. “I want 
down Diet seats are inappropri- iaos to be derailed by the two to be a _ regular person with a 
ate for a political group preach- main parties bringing their po- Palestinian identity after being 
ing “reform.” litical differences to tbe table.” away for such a long time,” he 

The more conservative coali- Tbc failure can only worsen said after crossing tbe Allenby 


ing “reform.” 

The more conservative coali- 


tion has sent in all its heavy cas h crisis faced by the 
hitters to camp aig n for Mr. Mi- PLD, which is unable to fin ance 


mi fflCR imm 


Plus over 3 00 headings In International Classified 


ou Readings in mtemationa 
Monday through Saturday 


You have now tf® opportunity to par- 
ticipate. from other countries, per- 
sonally in German Lotteries. Up to 
5 nd&oa Omb sdm Mark or a 
lifelong pension of 8000 Deutsche 
Mark monthly, can be won weekly 
with veiy low stakes. The prizes are 
guaranteed by tie German State and 
are tax free. 


The ad-hoc coalition that ( * an ^ c - 
runs the national government With tbe entire nation look- 


zuno, including the current 
prime minister, Tomiicbi Mur- 


the current nm njfl g expenses, like munid- 
miicbi Mur- pal salaries in the self-rule areas 
and hi« of Gaza and Jericho. In addi- 


— -a marriage of political conve- tog on, the leaders of the two 
nience between the old Liberal coalitions are hardly willing to 


ayama. Mr. Murayama and his 811(1 Jencno. tn adOi- 

coalition members fear a poor **on, the PLO has just negoti'at- 

■ • «•.* ■ • « . «1 TUifn Tempi on Oftroamaw* 


showing in Aichi might prompt 
other poHticzans to quit and 


ed with Israel an agreement to 
take on responsibility for man- 


nn uw wu my viv r .‘U/Vi n 1 □ — — ----- ^ ... • , ,, - _ ^ m 

Democratic Party and its lone- trust their reputations to these join the reform coalition before agiag ma funding the Palestm- 

n >7°. ti.. ^ rnn schools and hfKn»tsK in 


Nations official, Jiro Mizuno. cal figures to emphasize how 


the next general dec tion. 

All of this national attention 
on a single upper-house cam- 


ian schools and hospitals in the 
West Bank. 

In the last three months, Je- 


Mr. Mizuno, 48, is a wooden important they consider this 
ninaigner. bat he has the con- single special election to the fu- 


caznpaigner, bat he has the con- single special election to the fu- 
servative line down pat. “We tore of Japanese politics. 


paign has brought a predictable ^spttai emerged as a 

reaction. A popular radio per- P® 1111 ^contonnon ^betwerai the 


reaction, a popular radio per- me 

sonality, Makiko Suehiro, 49, is ^ parties, as the PLO toes to 
nmnino ctmn.iv » an underline its presence m Pales- 


Palcstinian identify after being 
away for such a long time,” he >■ '- v 
said after crossing the Allenby^ ' 
Bridge from Jordan. ; ■ . 

Asked if he would play any 
role in the Palestinian National ; ^ 
Authority, the council dominat- 
ed by Mr. Arafat that super- 
vises self-rule, he said, “I 
haven’t thought it over yet, but 
I don’t think so.” : 

Mr. Abbas, 59, was a key 
negotiator at the talks to Oslo . 
that led to the self-rule accord. ' 
He signed it along with Foreign 
Minister Sliimon Peres on the 
White House lawn last Sept. 13. : ^ 


-or turner mtormaoon, contact Pnilip oma m f^ans 
Tel: (33-1) 46 37 94 74 - Fax: (33-1) 46 37 52 12 

Hcralb^^B^Sribune 


Ask tor tree of charge information by 
mail or tax. 


need stability to make pro- For Mr. Tsuzuki and his re- 
gress,” he tola voters here. “We form coalition, the chief surro- 


For Mr. Tsuzuki and his re- 


EURO-LOTTER Y-SER VICE 
P.0. Box 750545 
0-81335 MUncben 
Telefax 0049 - 89 - 59 88 64 


can’t race around changing ev- gate is Toshiki Kaifu, an Aichi 


erytiring willy-nilly.' 


native and former liberal Dem- 


The opposition, about 10 po- ocrat who became prime minis- 
liu'cal groins from tbe anti- Lib- ter in 1989 thanks to his status 


eral Democratic coalition, has as a politician untouched by 
unified around the candidacy of any scandal. 


running strongly as an indepen- 
dent candidate. Like many vot- 
ers, she takes a plague-on-both- 
your-bouses stance toward the 
two coalitions. 

“Politicians go home!” she 
declares. “Leave this decision to 
the people of Aichi! We don’t 
need you here!” 


underline its presence in Pales- 
tinian institutions there and Is- 
rael brightens its control of the 
city’ s management, including in 
the Arab-inhabited section. 

■ PLO Negotiator in Jericho 
Mahmoud Abbas, the top 


CUBA: 

Refugee Accord 


ESCORTS & GUIDES 


INTERNATIONAL CLASSIFIED 


■ ■ • Mel Cto 370 2096* • 
lerdon * * GtXwidi 


BELGRAVIA 


(Continued From Page 13) 


ORCHIDS 

LONDON MRS GBCVA ZURICH 
ESCORT AGENCY 
CRBXT CARDS WHCOttE 


■■••• JMANARMNNA 1 

Escort & Trad Service 
Tab 0330 392567 


CAIRO: Vatican Drops Effort to Block Abortion Text 


C on tin ued from Page 1 


LONDON BRAZUAN Escort 

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Joaquin Navarro- Vails, said 
that the Holy See would no 
longer block inclusion of the 


ty that tbe Americans deserved 
a lot of credit for “bringing 


ZS&XZ £ Jtas most of the Muslim coua- 

counseling that should accom- tnes - 


Mahmoud Abbas, the top Continued from Page 1 
lestinian architect of the self- talks about the embargo until 
rule agreement but estranged we see a pattern of political and 
. economic reform, and Castro is 

aware of that” 

k Abortion Text » SSSSSTraJES 

, „ . . hours of talks Friday at the U.S. 

Mission to the United Nations 
ctive health rights and ado- between the Cuban chief negtf 
cent sexuality. tiator, Ricardo Alarcdn, and 

Mr. Rosenfield, who has UA dqnity assistant secre* 
en involved in adviriqg gov- *ary of stale for inter- American 
aments and international D r- affairs, Michael SkoL 
nizations on pooulation since Cubs had demanded that its 


CUltit 


document dealing with repro- 
ductive health rights and ado- 
lescent sexuality. 


been involved in advia 
emments and interna ti 


pany it, but would state its res- 
ervations lata - . 


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i oris accepted. Delegates to the conference 

^rVnMR say they expect the Vatican to 

gu©£ag 9 <t. speak against certain sections 

iop-9]23ia 0 f this passage on Tuesday, 

when the document is accepted 

tsaeowft cards by the full conference. 

ondo?!?" Timothy Wxrth, undersecre- 

i on on- 245 . 1202 tary of stale for global affairs, 

' who heads the U.S. deleg a tion. 

said the Vatican was “benign” 
in the final round. “I think that 
this is the land of consensus 
that you like to come to. They 
don’t agree with everything to 
there, and neither do we.” 

The U.S. delegation has been 


“I think we’ve really changed 
much of the picture of Uncle 
Sam,” Mr. Winh said. “An aw- 
ful lot of countries are now 
looking to us like we’re a friend, 
an ally, a potential colleague, 
rather than the big, arrogant 
guy giving everybody the back 
of the hand.” 


the 1960s, said that the confer- C0fiC6rn5 over the embargo be 
exice plan of action accepted addressed in the talk?, which 


remises today tint could not on 


lave been accepted at two pre- 


L 1. 

ed whether the 


vious UN population confer- United States was not inf ring- 


•‘ i 

ii* 

V 4 ‘ 

i1> ■: 

S ,'*v 


o tnenana. however controversial, on ado- 

The Vatican is not expected lescent sexuality and pregnan- 
to sign the program of action on cy. The fact that there is a cate- 
stahflizing world population. It gorical statement in that 
has reservations not only about controversial paragraph saying 
the assumption that abortion is that where an unsaf e abortion 

S place widely and that It has occurred, treatment must 
be considered a public be available to manage that ear- 
healto issue, reflected in para- ly, that’s a statement that’s nev- 
graph 8.25, but also about two er been made before, and that’s 
paragraphs to Chapter 7 of the a breakthrough.” 


tores , Ms. Reno replied that the 
primary American concern was 
the Cubans' safety. 

The U.S. Coak Guard res- 
cued 610 Cubans Thursday, , 
down considerably from 1,029 
on Wednesday. (Reuiers^ AFP) 


> V 


: 1 ^-- 


See our 

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Bvw y Wednesday 


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THE TRIB INDEX: 116 . 40 ® 

International Herald Tribune World Stock Index ©, composed of 
280 internationally Invariable stocks from 25 countries, compiled 
by Bloomberg Business News, Jan. 1 , 1 992 = 100 
120 ’ 


Schneider q oq ^ j'( me to Be for Sale? Tumble 

i 7 ilPfl NnmhArfi Awl Ininfir Tin WpII On New Worries 



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Asfa/Paclflc 


Europe 


[ br iitti* ‘ , ,J -'i - 

* think «•; 

Appnn. wei^itfng: 32% 

Odsk 128.75 Prev.: 12840 
150 


Apprat weighting: 37% 

Close: 118.00 Ptovj 117.49 



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Appro*, wetghling: 2fi% 
Close: 96^1 Prev.: 9658 




Latin America 


Approx, weglflng: 5% 
Close: 14554 Prevj 14524 



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iprXirjfiijv arc 


AMJJAS A M J J A S 
19M 1994 

li Worid Index 

77w indox liaeks US. dollar values at slocks ft Tokyo, Nut York, London, and | 
Argmttna, AustnUn, Austria. Belgium, Brazfl, Canada, Chile, Denmark, Finland, 
Franca, Germany, Hong Kong, Maiy, Mexico. NaUtotlanda, New Zealand. Norway. 
Singapore, Spain, Sweden, Switzerland and Venezuela. For Tokyo. New York and 
London, the ndsx h cimposed of the 30 top Issues in terns ot market capitalization, 
otherwise the ten tap stocks are tracked. 


II industrial S«^ctor& ■ | ; :ll 


FA P it*. % 

dam dOM dwga 


Fd 

dose 

Prer, 

dan 

* 

change 

Energy 

11620 116.12 +0.07 

Capital Goods 

11709 

11708 

+025 

f unties 

130.18 129-54 -*0.49 

Raw Materials 

137.75 

137.08 

+0.49 

Finance 

11507 114-31 +0.66 

Consumer Goods 

10403 

10404 

-0.01 

Services 

12107 122.42 -007 

ICscelaneous 

13607 

136.81 

+0.12 

For mom information abad tha Indox. a booklet is available free ol charge 

Write to Trib Index, lai Avenue Charles do Gat tie, 92521 NauSty Cedex. Franca. 


© International Herald Tribute 


Inquiry Sparking 

A Diplomatic Row 

By Alan Friedman 

International Herald Tribune 

PARIS — A diplomatic tus- 
sle appeared to be developing 
Friday between France and 
Belgium over an arrest warrant 
issued in Brussels for a leading 
French businessman under in- 
vestigation for fraud. 

Using unusually blunt lan- 
guage, Prime Minister Jean-Luc 
Dehaene of Belgium attacked 
Didier Pineau-Valencrienne, 
chairman of Schneider SA, for 
refusing to comply with a sum- 
mons to come to Brussels for 
questioning by an investigating 
magistrate. The arrest warrant 
was issued after Mr. Pineau- 
Valenrienne ignored a sum- 
mons last week. 

In Paris, a lawyer for Mi. 
Pineau-VaJencienne said he 
planned to ask the French gov- 
ernment to step into the case. 

U I believe nobody is above 
the law," Mr. Dehaene said 
when asked about Mr. Pineau- 
Valencienne’s refusal to come 
to Brussels for questioning. 

Speaking at a news confer- 
ence after the weekly Belgian 
cabinet meeting, he added that 
justice should do its work” and 
warned that the Schneider 
chairman's defiant stance 
“could create dangerous prece- 
dents.” 

Judge Jean-Claude van 
Espen obtained an internation- 
al warrant Thursday for the 
Schneider chief, although Mr. 
Dehaene demurred when asked 
whether Belgium would ask 
France to extradite the execu- 
tive. “That's not on the agenda 
for the moment," he said. 

While the warrant is interna- 
tional, under French law Mr. 
Pineau-Valendenne cannot be 
extradited because he holds 
French citizenship. 

In Paris, lawyers lor Mr. Pin- 

See SCHNEIDER, Page 10 


By Geraldine Fabrikant 

A'ew York Times Service 

NEW YORK — In early 
June, when William B. Ziff Jr. 
surprised the computer pub- 
lishing industry by announc- 
ing that he wanted to sell the 
family-owned Ziff Communi- 
cations empire, he insisted 
that his decision had been 
made only months before the 
announcement, after his three 
sons indicated they had no in- 
terest in running the business. 

That may have been the 
main reason for putting the 
company on the block. But 
Lbe confidential documents 
being reviewed by prospec- 
tive bidders indicate that, 
from a financial standpoint, 
the time might also be right 
for the ZifFs to selL 

The data show that wheth- 
er Ziff Communications Co. 
was setting out to spruce up 
for the auction block or sim- 
ply pursuing the next logical 
stage of development, it had 
taken a number of steps dur- 
ing the previous few years to 
improve profitability — just 
the sort of financial touch-up 
that would make it more at- 
tractive to buyers. 

The company expects to 
make an operating profit this 
year of about 5160 million on 
revenue of S950 million. 


More than 84 percent of its 
profit comes from three tech- 
nical computer ma garin es — 
PC Magazine, Computer 
Shopper and PC Week — 
that have enjoyed such a pbe* 
nomen al rise Lhai some in- 
dustry analysts say it may be 
difficult for them to maintain 
their growth. 

And while Ziff has begun 
diversifying into fields such 


Ziff Business 
Magazines 

Annual sales of Ziff 
Communications' business 
magazine group, consisting 
of PC Magazine. Computer 
Shopper, PC Week. 
PC/Computing, MacUser, 
Mac Week and Windows 
Sources. 


$600 million 
500 
400 
300 
200 
100 
0 


, 88’89 l 90'91 a 82 > 9S > 94 
praj. 

Source: CommunicaHons. 

Lazard Fteres. 


as consumer and family-ori- 
ented publications, trade 
shows and on-line informa- 
tion services, not all the ven- 
tures are making money. As a 
resulL if the Ziffs were look- 
ing to take profits from the 
company, now might be the 
time, regardless of family 
considerations. 

Potential bidders are 
thought to include the British 
business publisher Reed-El- 
sevier and the magazine hold- 
ing company K.-1LI Commu- 
nications. which is based in 
New York. 

The big question is whether 
those companies or any other 
would be willing to spend the 
S2 billion or more that Ziffs 
bankers, Lazard Freres & 
Co., are seeking for the com- 
pany. 

“Most people believe that 
the computer industry will 
prosper, but they don't know 
at what rate.” said a publish- 
ing industry executive famil- 
iar with the properties. “You 
don't know what the future 
holds." 

Yet Seymour Merrill, pres- 
ident of Merrin Information 
Services, a personal computer 
research and consulting com- 
pany. said the enterprise 
would handily adapt to a 

See ZIFF, Page 11 


About Inflation 


Compiled In- Our Staff From Dispatches 

NEW YORK — U.S. stocks 
tumbled Friday, following 
bond prices, as a bigger-than- 
expecied rise in August produc- 
er prices signaled inflation may 
be building, possibly prompting 
the Federal Reserve Board to 
raise interest rates again this 
year. 

The producer price report 
pressured stock prices on con- 
cerns that higher interest rates 
would slow the economy and 
corporate-profit growth. 

The Labor Department re- 
ported that the producer price 
index rose 0.6 percent in Au- 
gust, the biggest jump since Oc- 
tober 1990. 

The U.S. report also pres- 
sured European stocks and 
bond prices, with leading stock 
averages in Britain, France and 
Germany down more than 1 
percent/ German government 
bond yields soared to a two- 
year high. 

"The fear of another Fed rate 
rise was not in the markets,” 
said Marcus Grubb, global 
strategist with Salomon Broth- 
ers. "To some degree this must 
also be one of the final nails in 
the coffin of another cut in Ger- 
man rates.” 


Analysis said that in light of 
the latest inflation report, the 
Federal Reserv e was practically 
certain to raise rates again be- 
fore the end of the year to cool 
the economy and cut inflation. 

William Dodge, chief invest- 
ment strategist for Dean Witter, 
said the recent market belief 
that economic growth had al- 
ready slowed may have been 
premature. 

“In the last few days what has' 
been happening is the realiza- 
tion of continued respectable 
strength in the economy and a 
persistence of the same infla- 
tionary pressures that caused 
the Fed to be concerned all 
year,” he said. 

Lawrence Rice, chief market 
strategist at Josephthal Lyon & 
Ross in New York, said infla- 
tionary signs had been present, 
but some investors hadn’t no- 
ticed. 

"Based on recent commodity 
price movements, it shouldn't 
have been surprising," Mr. Rice 
said, citing precious metals, 
newsprint and steel. 

The Dow Jones industrial av- 
erage closed 33.65 points lower, 
at 3,874.81. Volume totaled 

See MARKETS, Page 10 


Fuji Says Its New Floppy Expands Storage 50 Times 


By Andrew Pollack 

New York Tima Service 

TOKYO — Japan's leading manufac- 
turer of photographic film said Friday it 
had developed technology for a comput- 
er floppy disk that could store more than 
50 times as much information as dis- 
kettes now being used. 

With computers entering the so-called 
multimedia age. the disks developed by 
Fuji Photo Film Co. could provide a 
convenient way for computer users to 
carry files and programs containing dig- 
itized pictures and video and sound. 


which quickly overload the storage ca- 
pacity of conventional floppy disks. 

But analysts cautioned that there had 
been many unsuccessful attempts to 
market high-density floppy disks. And 
Fuji’s magnetic disk will face competi- 
tion from rewritable optical disks. 

• Fuji said a diskette made with its new 
technology could store more than 100 
megabytes of data, compared with 2 me- 
gabytes for conventional diskettes. It also 
said the new system would be able to find 
and transfer data much more rapidly. 

Yasuhiro Abe. manager of the techni- 
cal department in Fuji's magnetic prod- 


ucts division, said the company had al- 
ready approached several hardware 
manufacturers about making disk drives 
to use the Fuji disks. 

"We got very positive feedback from 
drive manufacturers.” he said, declining 
to specify which had been approached. 
He said it would be several months be- 
fore the products appeared. 

Hard disk drives used in most com- 
puters have large capacities and are fast 
and cheap, but they cannot be removed. 
CD-ROMs, now being used to distrib- 
ute multimedia and other types of soft- 


ware. have high capacity and can be 
carried around but cannot be erased and 
made to store new data. 

The main candidate for the removable 
and rewritable high-capacity data stor- 
age is the magneto-optical disk, which 
uses lasers to read and write informa- 
tion. The existing magneto-optical 
disks, which have not yet found much of 
a market, store 128 megabytes of data. 

Fuji said its new disk, while storing 
roughly the same amount as magneto- 
optical disks, will be able to transfer 
data roughly twice as quickly. 


ECONOMIC SCENE 


Sowing Seeds of Growth 


tffusf' i,v 

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By Peter Behr 

Washington Post Service 

W ASHINGTON — The eclipse of 
the multinational corporation 
has been widely proclaimed dur- 
ing the past decide, a humiliating 
period for corporate giants beset by layoffs, 
losses, hostile takeovers and boardroom 
coups. 

But the obituaries were premature, accord- 
ing to a new study of multinationals by re- 
searchers at the United Nations. 

Multinationals are leading the globaliza- 
tion of trade and finance that is now reshap- 
ing business and labor markets around the 
world, the study said. 

The catalyst for this transformation is for- 
eign direct investment, the assets that a com- 
pany controls in another country. 

There has been a dramatic shift in such 
investment to the dynamic economies of Asia 
and Latin America from the United States 
and other industrial nations. 

Multinationals are steering this trend, ac- 
cording to the 1994 Worid Investment Report 
prepared by the UN Conference on Trade 
and Development 

Investment flows to the developing world 
doubled to $80 billion from 1991 to 1993 as 
multinationals based in the United States, 
Japan and Europe expanded their manufac- 
turing and commercial links there. A surge of 
investment in China led the way. 

When Sara Lee Coip. buys a clothing plant 
in Honduras, or Mercedes-Benz AG builds a 
car factory in Alabama, that is foreign direct 
investment The numbers include profits 
earned in a foreign country that are reinvest- 


ed there, but not short-term investments such 
as stocks from other countries held by U.S. 
mutual funds. 

This shift toward the developing world is a 
break from the 1980s, when foreign direct 
investment flows moved predominantly be- 
tween developed nations. 

While the United States was on the receiv- 
ing end of $33 billion in foreign investment 
last year, outflows from U.S. multinationals 
hit a record 550 billion, with one-quarter of 
that going to the developing world. 

Foreign investment by U.S. companies in 
Asia grew 18 percent annually in 1990-92. 
three times the growth rate for investments in 
Europe. U.S. companies invested twice as 
much money in Latin America during that 
period as they did in Europe. 

This pattern reveals a profound change in 
long-term strategies by multinationals, ac- 
cording to the study. 

A substantial share of world output is being 
reorganized by multinationals, particularly in 
so-called worid -scale industries, where lead- 
ing firms have developed geographic strate- 
gies for locating manufacturing installations, 
the study said Among these industries are 
automobiles, household appliances, comput- 
ers and pharmaceuticals. 

“Transnational corporations have played a 
leading role in this process, as traders, inves- 
tors, disseminators of technology and movers 
of people — thus strengthening the links 
among national markets,” the study said. 

At the front of this wave are the largest 100 
multinationals, which control about one- third 
of the world’s direct foreign investment. 

See GROWTH, Page 11 


MG Capital 
Eroded by 
Revamping 

FRANKFURT — MetaUge- 
sellschaft AG said Friday tnat 
losses and restructuring costs 
had eroded all its reserves and 
part of its capital. 

The company, which narrow- 
ly avoided bankruptcy in Janu- 
ary when banks agreai to a 3.4 
billion Deutsche mark <52 bil- 
lion) rescue deal, confirmed a 
newspaper report about its cap- 
ital losses but said it did not see 
the situation as dramatic. 

The metals and mining con- 
glomerate. which is undergoing 
a reorganization emailing job 
cuts and sales of subsidiaries, 
said Monday it would go back 
to bank creditors and stock- 
holders for more cash. 

The news that pan of its 
share capital had been eroded 
underlined investors' fears 
about the company’s future. 
MeLallgesellschaft shares fin- 
ished in Frankfun at 180 DM. 
down 3. 

The report in the German fi- 
nancial daily Bbrsen Zeitung 
said the main causes of the capi- 
tal problems were the 1 .9 billion 
DM loss predicted for the year 
ending in September and the 
cost of extricating itself from an 
oil deal with the U.S.-based 
Castle Energy Corp. 


THE CENTRAL SOURCE 

ON FUND 


INVESTMENT 


Any - 5cpt*nu?cr 


Mai 


Volume 3, Number S 

* Siuanrrt, Supii^-jwi 


INTERNATIONAL Fl'NB INVESTMENT 



CURRENCY & INTEREST RATES 


Cross Rates 

S ■ OM. FJF. Lb 

AmMm urn tint uzn a 

Bnmnts 32AK WJSSS 2B4RS UI MB 

Frankfurt UW M* — « 

LoftdM (a) lJfl UW Wl W 

un» ISMD 1063 um.ts 197.14 — 

Mtw York (M — USB# saw uu 
Paris usa ire MSI — m 

Tom* tub mss an um u 

Toronto UU» HW M* 1 MW OB 

zone ,» IM UK Utttil 

1 BCD 136 (OW UiB L4* 

ISM L 60 MU* U7M JJ W 241' 

Oaslnaa tn Amsterdam, Lanttau New York* \ 
a: To Our one potnd: b: To bur one dollar, 
available. 

Other Dollsr Values 

fCnTwy Pit* ttrrt«r 

Mntwo MTW Oratfffttc. znss 
Antral, t UG5 MOOOltoW* JJW 
AoMr.MML WMI Hn«.lort#t «« 
Brazil ittt aw Indian ran* 313* 
CMMMvra 15453 md0.iw«i 
Cncnkonma 201 kttl* **** 

DMUAfcnm 4132 !«•«!*•*• *2* 

lor*- pound 33M* “2* 

Fin. mortem 401 SI nwar-rtw. 25574 


Sept. 9 

F.F. Lira DJ=I B JF. S.F. Y«a CS Posota 

0J271 in* S444' !4u UUQ* Utt W 

UI 16215* ISW JUS UK ZLM M3* 

L2f» aw*- 0*21 4 AH?* MM 1JH1 * UB MB'* 

un waul uw «.ta uw isuo last m» 

Oaei 

297.14 HUS 4 VM 13»J» 1 iSO 1.15U5 1UC 

SMB U&SJO 172V OUt W 97.U US7I 12903 

— uw* iBsa oust uw unf* now tins- 

1166 0529 5101 11K7 7U1 7271 07617 

02977 OKH* OJTO 0 OH* 10M7 1J77B* — 10M* 

U05 00819* 07411 US** 139* 0f» 10016* 

4552B 1M99 W 3WH21 U9M 121*2 1JJS8 1SJ12 

JJK2 241497 USD9 *iJ«7 U*7 HMJ7 20011 H.T. 

New Yorki Toronto end Zurich, Hangs In other centers, 
t one dollar; Units of 100; N.O.: not w pW; «A; net 


Eurocurrency Deposits 


«s 

5wlss 

Franc 

Stsrllnu 

French 

Franc 

Yen 

Sept. 9 

ECU 

JHs-4 

S-P'B 

SSV-5V: 

? •. 

5 « -S 

4-4 ki 


5*r-5Hi 

2 '■--2 w 

5V1-57H 


5a6-51k 

5^-r. 

2 V2 


4»k-4^ 



2541-35- 

b*frt*n 


1 montti 446-5 4 Hb -5 3**-4 S-SU sv*-5V: 5 

3 month! 4 : V5 43)6-5 4-16* S 1 --^ 1 ^2 

(months svs*. s-sv* 4U-«* sati-ffn s^-F* 2 V2 

1 year 5 5%-5Vi 4»1)«4*. 2*»-3 

Sources: Reuters, Ltoyas Bonk. 

Rates aooUcoUc to Interban k deposits ot SI mlHton minimum { or ea uWW» 


Currency 

Met mu 

HZMiands 

Nww.HroM 

PNLMM 

Mlihrintv 

PorLownSo 

Ruu. ruble : 

Saudi rtral 

Slno.1 


Currency Per* 
S. Air. rand 15558 
S.KOT.MM MOJO 
SwetL krona 7JW5 
Taiwan f 2A20 

Thai baht 24.98 

Turkklh Uro 33934 
UAE tUrnain 16777 
Venoz-boiW. 19200 


jg*»*»*** 




Forward Rates 

- ... ... juw, tMov »Mnr Correney SMuy U-doy ftdov 

154M U421 MW* conmtlnn dollar 1J7D* 14714 14726 
ESScmnnrt 15W *5434 14434 Jamncm 99.16 9B.9S OflJH 

Swln franc 14918 *4995 14004 

ifj C Bonk fAirwtontaml: tndotutz Ban* (Brussels): Banco CommorcMc ttoUaoa 
S Pres* {parts;; Bank of Tokro (Tokyo/; Rota! Bank at Canada 

(Toronto); IMF tSPPI, Omr Ma from Radon and AT. 


Key Money Rates 

United States Close 

PhOMMil rote 440 

prime role 7*. 

Federal (nans 4>% 

3-month CD* 4J9 

Com in.ee per 1H doyt 5D8 

J-mooth TreajEmvMU 4iS 

l-year Treasury bill 545 

3-year Treaury eole 642 

5^eor Treasury eefe 704 

7-year Treasury note 707 

16-year Treasury note 743 

Sbyeor Treasury bend 771 

Merrill Lytuh 3»4ay Ready auet 193 
Jqpgi 

Discount rate 11, 

CaBmearr 209 

1-month Interbank 2 9, 

3-tneatfi htterbaak 2’A 

C-manth Intersoek 2h 

10-year OeventmeAl bead 455 

Oenanny 

Lombard rate 600 

Call ntaney 4.95 

isnentb letertone 540 

MnartMoteniank 500 

l«tM inierbank 5.15 

lo-veer Bund 760 


1 (kawkw Srs^ Fob* * F 


El. is the one and only publication devoted 
to providing unbiased coverage 
of this fast developing sector of the 
financial world. 

Reactions to I.F.I. have been 
highly enthusiastic, demonstrating 
that tne magazine is badly needed 
by the asset management industry. 


Britain 

Bonk Dost rata 5’* 5Vi 

Coll money 540 4%< 

I -mourn interbank 5 v. 5X0 

3-month Interbank 5 i . jh 

6-month Interbank 5^* 5*t 

10-year Gilt Bx3 177 

France 

latervenhoa rate 5X0 5X0 

Cali money 5'* 5 *■ 

l-montn interbank 5 h, 5 h. 

3-momti Interbank 5 5 v. 

Avnonth Interbank 5 5 

10*yearOAT 809 7 So 

Sources: Reuters. Bioomoera. Merritt 
Lynch. Bonk o' Tokyo. Commoribank. 
Groonwelt Mcntoso. Credit Lvonnols. 


“ I found it to be of great interest” 

Gilbert deBotlm’Chamm- Global Asset 
Management 

“\bu have made our industry appear as exciting 
h print as it is h real He. tangratidaftions.” 

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Management. 

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relevant to many areas.” 

Sr Marc Cochrane - European Director- G T. Management 

“ It is very interesliig and professional... 

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JeanPailA Francq - International Director - 
Crossfinance SA 

“ It reads brSandy and appears to be receiving 
universal approval.” 

Mart Adorian -Managing Director - Mcropal. 

Topics include: 

■ Fund analysis and performance. 

■ Opportunities and pitfalls in the markets. 

■ Developments in investment 
management. 

■ Custody and administrative issues. 

■ Regulation and technology. 

■ Personality profiles. 


10-9-94 


I.F.I. is a quarterly magazine published by the International Herald Tribune. 

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Now York 39420 395J0 1.10 

UL& oottors per ounce ■ London otficlot ft *• 
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Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 10-11, 1994 


** 


MARKET DIARY 



Backing for Dollar 


Bloomberg Badness Ncta 

NEW YORK — The dollar 
lost almost two pfennig against 
the Deutsche mark Friday after 
a report on U.S. producer prices 
triggered inflation fears. 

The dollar finished at 1.5374 
DM, compared with 1.5565 
DM on Thursday. 

The U.S. currency also fell to 
99.18 yen, from Thursday’s 
99.60. 

The dollar went to a two-year 
low of 1.2785 Swiss francs be- 

Foreign Exchange 

fore ending at 1.2807 francs. It 
was 1.3020 francs on Thursday. 

The largest increase in pro- 
ducer prices in almost four 
years in August sparked worries 
that U.S. prices were headed 
higher. 

The analyst Richard Tumhill 
of Paribas Capital Markets said 
the dollar's sharp fall “reflects 
fears that the Federal Reserve 
has waited too long before in- 
creasing rates again.” 

He said the Fed would prob- 
ably tighten monetary policy by 
the end of the year, “but it is 
unlikely to do so at once in 
reaction to the wholesale 
prices." 

The dollar is likely to be 


stalled against the mark ahead 
of the rdease Tuesday of the 
August U.S. consumer price re- 
port, analysis said. 

Dealers are beginning to wor- 
ry about another run of U.S. 
bond sales with the consumer 
price figures, since analysts ex- 
pect the index to be up a worn-, 
some 0.4 percent 

“For many players in the 
market this is the worst possi- 
ble development for the dollar,” 
said Marc Chandler of Ezra 
Zask Associates. Frittoy’s re- 
port indicated that inflation 
was rising, although previous 
reports on employment and 
home sales showed that growth 
was slowing, Mr. Chandler said. 

The Fed has raised interest 
rates five times this year, push- 
ing the U.S. funds rate on over- 
night bank loans to 4.75 percent 
from 3 percent 

Not everyone was so con- 
cerned with Friday’s numbers. 
Dave Glowacki of NBD Bank 
in Detroit said it was too soon 
to say whether the Fed’s rate 
increases were too little or too 
late, because the effects of Che 
Aug. 16 increase had yet to be 
felt 

The pound was at $1.5525, 
up from $1.5435. The dollar 
weakened to 5.2655 French 
francs from 5.3345. 


MARKETS: Wall Street Tumbles 


Continued from Page 9 
284.8 million shares on the New 
York Stock Exchange, with de- 
diners outpacing advancers 3- 
to- 1 . 

Stocks sensitive to rising 
rates, such as dec trie utilities, 
telephone and bank issues, suf- 
fered the largest losses. 

U.S. Stock* 

Hanson was the most active 
issue on the New York Stock 
Exchange, closing down 14, at 
19ft. on dividend-related trad- 
ing. 

USAir, which bad its fifth 
fatal crash in five years Thurs- 
day night, ended ft lower, at 6 . 
Other airlines were also lower. 

Southwest Airlines dropped 
.ft to 24% after Merrill Lynch 
lowered its estimates for the air- 
line’s 1994 earnings because its 
August load factor, or percent- 
age of seats filled, dropped to 
71.1 percent from 73.4 percent. 

Gold mining stocks rose on 
inflation concerns. Gold is a 
traditional hedge against infla- 
tion. Sunshine Mining was up 
3/32, at 2%, and Echo Bay 
Mines up ft, at 12%. ASA ended 


up ft, at 51%; American Bar- 
rick, which this week captured a 
controlling interest in Lac Min- 
erals, finished ft higher, at 2446. 

Among industry groups, 
high-technology stocks, which 
are consider eda good indicator 
of general market health, were 
broadly lower. 

Motorola fell ft, to 52ft, Intel 
slipped 1ft, to 65ft. and Micron 
Technology tumbled 1ft, to 
39ft. Microsoft fell 1 1/16. to 
56ft, after a downgrade from 
Goldman Sachs, and Sybase 
ended ft lower, at 49ft. 

Computer network system 
maker Xyplex gained 9ft, to 
27ft, after an announcement 
that it would be bought by 
Raytheon for $28 a share. 
Raytheon fell ft, to 68 . 

Casino stocks got a boost on 
news limited casino gambling 
would be allowed in Florida un- 
der a proposed constitutional 
amendment. International 
Game Technology rose ft, to 
23ft, Mirage Resorts climbed 
ft, to 21ft, and Caesars World 
rallied ft, to 47ft. 

General Motors lost 1, to 
50%. 

(AP, Bloomberg. Knighl-Ridder) 


Y<j Anodoied Preu 


Sep».9 


The Dow 


oflbr 


-m 



U':;j ii : A\ & 


Dow Jones Averages 


Open M0, Low La* CUB. 

Indus 387151 390143 383133 387421 — 33XS 
Trans 160635 1613*8 159075 1591X6-31X2 
Util 181.19 182.90 179.15 17927 —130 
Como 1323.11 133124 13I2J3 131724— 1119 


i Standard ft Poors Indexes 


NYSE Most Actives 



VoL High 

Law 

1478* 

Chg. 

Hon son 

1715SS 19V* 

18% 

19% 

—■A 

RJR Neb 

XI 499 7 

6% 

7 

>% 

ASOTC* 

31)98 24% 

23% 

26% 

- Yl 

TeMAax 

30247 SPA 

63% 

63% 

— % 

SwstAlr! 

29362 24% 

24 

24% 

— % 

WalMort 

28143 25% 

24% 

25 

— 1 % 

ULCo 

27770 77% 

16% 

16% 

— Vi 

GnWatr 

77583 51% 

»% 

50% 

—1 

UnlrG 

25989 6% 

5% . 

6 

— % 

PnilMr 

2468 1 60% 

59% 

59% 

— % 

Faros 

24221 29% 

29% 

29% 

— % 

intGame 

2*048 24% 

22% 

23% 

+ % 

IBM 

22532 63 

66% 

67% 

—% 

AmExp 

22424 30% 

29% 

30% 

+ % 

US Sura 

21*57 28% 

26 

27% 

+ 1% 


NASDAQ Most Actives 



VoL Hie h 

Low 

Last 

am. 

AUcsffS 

37983 57% 

55% 

56% 

— l'A. 


36048 23% 

23% 



Novell 

31755 16% 

15% 

16 

— % 


31129 66% 

65% 

&5% 

—1% 






TefOnA 


21V. 

22% 


NoxtetOn 


22% 

24% 

-% 

Ciscos 


25% 

2Wr. 

—Ki 



8% 

9% 

+ 1 



16 

16% 

- Vi 



21% 

221ft 

—1% 


24006 SOP. 

43% 

49% 

—to 

Xyplex 


27% 

27% 

*9% 

AJmto s 


2SH 

29% 

+ % 

Pyxis s 

19384 27% 

25 V. 

26 

—7 


AMEX Most Actives 


VtocB 

EcnoBay 

IntorDig 

SPDR 

Arnct* 

US AlC 
I vox Co 
TexBiun 
vtoertwl 
PegGlO 


VoL Wgh 

Law 

Last 

C3iB- 

11627 33% 

32% 

32% 

— % 

10020 13% 

12% 

12% 

-% 

5912 3% 

2% 

3% 

+ V« 

4884 47% 

46<V|. 

47 

— % 

4516 9% 

TVu 

9% 

— % 

4480 3V+ 

3Vii 

♦ ’h» 

4470 20 

19% 

20 


4370 4% 

4% 

or. 

+ v. 

3312 2% 

2% 

2% 

— % 

2828 165k 

16*i 

16% 

-% 


( Market Sale* [ 

Commaety 

Today 

Pnr. 

NYSE 

Amex 

Nasdaq 

In mJUtans. 

Today 

close 

29X34 

16.10 

251 A* 

Prey. 

cons. 

3S3J4 

19X3 

30106 

Copper electrolytic ■) 
iron FOB, ton 

Lead. IS 

Silver, tray az 

Steel (scrap), tan 

Tin, to 

Ztacito 

1.21 

213.00 

040 

5_50 

110.17 

36349 

04023 

121 

213X0 

040 

548 

1W.17 

162B9 

04823 


HMi Low Low 

JSPIOO 437.18 431.73 43113 — 4,05 

SP 500 473.13 44425 448.18 —4.04 

IndUShlOlS 55743 54927 551.95 —148 

TranjB. 3W-47 37927 38021 -<40 

I Utilities 133JD 151.18 131-54 —1.94 

i nance 4110 4133 4551 -aj» 


NYSE Indexes 


High Low Lost Q*9, 

Composite 260.81 257.44 25828 —144 

Industrials 32529 371.48 —2.77 

Tramo, 24623 24328 743.46 —147 

Ufltfrv 70422 70341 204.14 —154 

Finance 217.1I 31438 2T4BQ — 221 


NASDAQ Indexes 


High Low Last On. 

Composite 76429 761.98 7418a — 444 

Industrials 771.79 748X8 77194 —4,88 

Banka 78222 78027 780.15 -0.19 

InsurtuCD 941-43 935.07 93629 —4.04 

Finance 958X4 95724 95164 —181 

TrgnSP. 734.19 729,0 729.43 — 644 


AMEX Stock Index 


Mgii Low Last Ore. 
45151 45347 45154 -197 


Daw Jones Bond Averages 


2D Bonds 
10 Utilities 
10 industrials 


Oast 01*98 

97.71 —025 

9171 —0.10 

101 JO — 141 


NYSE Diary 


Athranced 

Declined 

UDOWnoM 

Tons issues 
New Highs 
New Lows 


573 1319 

1444 837 

810 715 

2848 2871 

31 79 

44 29 


AMEX Diary 


Advanced 

Declined 

Unchanged 

TotOl ISSU8S 

New Highs 
New Laws 


227 294 

381 259 

717 268 

870 873 

11 21 

11 9 


NASDAQ Diary 


AdvonCKJ 
Declined 
Unchanged 
Total issues 
New Highs 
New Laws 


Case Prnv. 

1433 1755 

1760 1389 

1891 1937 

5084 5081 

85 139 

53 46 


Spot Commodities 


EUROPEAN FUTURES 


high Low Las! Settle ClCge 

Metals 

Close previous 

BK Ask Bid Ask 

ALUMINUM (KMi Grade} 

Dollars per metric fen 
Soot 156X50 156450 15051 754450 

Forward 15865) 1587X0 156800 156850 

COPPER CATHODES (High Orede) 

Dolton per metric ton _ 

Spot 2481 DO 248220 246750 244850 

Forward 2496X0 249720 248620 24S720 

LOAD 

40950 40150 60150 

Forward 0050 CZ150 6t65Q si 720 

NICKEL 

Dollars per metric ton 

soot 430520 631020 412520 413520 

PotmcTO 440020 640520 531020 532020 

Sot” Wrn §S2O , 5m00 521520 529520 
Forward 542Q20 542520 5340.00 537020 

zinc {Special Htoti Grade) 

DeBara per metric tan 

spat 97400 97520 96720 94820 

Forward 99420 99720 99020 99120 


Financial 

High Lew awe Change 
3-MONTH STERLING (LIFFE1 
BBMOO-pfsetWOPCi 


Sep 

9459 

9447 

9447 

— 0X1 

Dec 

9X72 

9X66 

93X7 

— QJte 

Mar 

92X8 

93L7B 

9279 

— 0X9 

Jen 

9227 

92.18 

7218 

— 0X9 

Sep 

91X0 

91 JO 

njo 

— 0X9 

Dec 

91 A3 

91JS0 

91J1 

—008 

Mar 

71.10 

91X2 

91X2 

— 0X6 

Joa 

90.90 

90X4 

90X2 

— 0JJ6 

Sep 

90J5 

9066 

90X7 

— 0X6 

Dec 

9062 

9056 

70X5 

— 0X5 

Mar 

9045 

90-45 

9046 

—tun 

Jen 

N-T. 

N.T. 

90-36 

— 0X3 


E st. volume: 6X776. Open Inta 54X246. 
3-MONTH EURODOLLARS CUFFEJ 
si mDDoa-ptsof IKpcI 


Sep 

94X5 

94XS 

94X4 

— 0X4 

Dec 

N.T. 

N.T. 

94J26 

-0X8 

Mar 

N.T. 

NX 

93.90 

— 0.11 

Jon 

N.T. 

N.T. 

93X3 

— 0.14 

Sep 

N.T. 

N-T. 

93X2 

— 0.16 


Est. volume: 50. Open mt.: 6*34 
XMONTH EUROMARKS (LI F FE ) 
DM1 mman-ptsotioopd 


sep 

95X0 

94X7 

94X8 

— 0X2 

Dec 


94J9 

94X0 

— 0X5 

Mar 

9449 

9440 

9442 

— 0X7 

Jan 


94X3 

94JJ4 

— 0.10 


91X1 

7271 

9373 

— 0XB 

dm 

93X3 

9343 

9245 

— 208 

Mar 

9130 

9221 

9122 

— axe 


not 

9237 

9297 

— 008 

Sep 

92X6 

92X1 

9277 

— 0X8 

Dec 

9262 

9260 

9256 

—0X9 

Mar 

9245 

9239 

92X8 

— 009 

Jon 

92X4 

9228 

9227 

— 0X9 

Est 

volume; 94X61 

Open Int.: 1 774X56. | 


3-MONTH PIBOR (MATIFJ 
FF5 mUUon-pCSMlOOpet 
Stp 9438 9435 9437 Unch. 

Dec 9195 9327 7138 — 024 

Mar 9X54 9X45 9345 —024 

JM 9321 93.10 93.11 —027 

5«p 9X92 9224 9XB3 —024 

Dec 9267 9259 9259 —024 

Mar run run 92*1 —024 

Jn 9232 9233 9232 —024 

Est. volume: 45,147. Ocen Int.: 199684. 
LONG GILT (UFFE) 

CSM08 - pt* A SMf Of MB pet 
Sep 101-23 100-01 100-00 -1-24 

Dec 100-30 99-01 99-06 -1-28 

MOT N.T. N.T. 99-18 -1-28 

Est. volume: 79*34. Open Int.: 10X098. 
GERMAN GOVERNMENT BUND (UFFE) 
DM 250280 - PtS of IN PCt 
Dec >962 8861 8831 —093 

Mar 8837 8877 87.96 —090 

Est. volume: 146516. Open tot.: 138281. 
18-YEAR FRENCH GOV. BONDS (MATIP) 
FPsoaoeo-Ptsotieepa 
Sea 11X72 1)176 11222 — 066 

Dec 11178 111.04 11126 —066 

Mar 11120 111.00 17060 —066 

Joe N.T. N.T. 109.92 —064 

Est. volume: 183644. Open Int.: 15X193. 


Industrials 

High Low Lari Settle OCae 
GASOIL (IPE) 

U5. dollars per metric ten-tots of 180 tans 
Od 15475 15X00 15450 15450 +075 

Stay 15775 15620 15750 15750 +120 

Dec 15975 15820 15973 15975 +120 

Jap 14175 15975 14120 14175 +150 


High Low Lari Settle CftVe 


Feb 


16175 15950 16175 14175 +1.75 

161-25 15975 16175 16175 +150 

15875 15820 15825 15920 +150 

May 15775 15675 15775 15773 +175 

Jcoe 157.25 15555 157.25 1S77S +17S 

Jdly N.T. N.T. N.T. 15825 +175 
Est va tome: 2X528. Open Int. 11X257 

BRENT CRUDE OIL (IPEI 

US. doderi per barraHgts of 1201 barrel l 


0 a 

16X0 

1621 

1633 

1622 —an 

Nov 

1676 

1640 

1640 

1640 — 0X7 

Dec 

16X5 

16X7 

1657 

1660 -0X5 

Jan 

16X5 

1662 

16X5 

16X4 —0X2 

Feb 

1670 

1660 

16X0 

16X0 —SUM 

Mar 

16X0 

1658 

16X0 

16X0 UndL 

Apr 

1671 

16X0 

1671 

1659 —0X1 

May 

N.T. 

N.T. 

N-T. 

16X8 —0X2 

Jun 





JIT 

N.T. 

N.T. 

N.T. 

1656 —0X4 


N.T. 

N.T. 

N.T. 

1655 —0X5 

Sep 

N.T. 

N.T. 

N.T. 

1654 —0X6 

Est. volume: 34X83. 

Ooen Int. 164240 


Stock Indexes 




Low Close CtaDK 


31952 31212 31240 —532 
32075 31352 31392 —5X5 

32332 32332 31672 —5X0 

Est volume: 27X93. Open int.: 60927. 
CAC40 (MATIP1 
FF2M per Index POlitt 

Sep 200220 296220 1951 20 -3920 

Oct 200950 296450 196050 -3950 

NOV N.T. N.T. N.T. Unch. 

Dec 202720 295720 198020 -3920 

Mar N.T. N.T. 200660 -3920 

Jan N.T. N.T. 200120 -3920 

EsL volume: 28654 Open Ini.: 58.101. 
Sources: Main ; Associated Press. 
London ln» Financial Futures Exchange, 
tan Petroleum Exchange. 


Dividends 


Thomson Adv 


Champion Rd 
Fri Indus 


Per Amt 
IRRBGULAR 

KanebSvsadlPiA _ 735 

KOdlnk Ahoto c .1983 

Mtdevo PLC C 2849 

Mem lec Ltd c 2737 

Pioneer Wlnthrop » .18 

Putnam Dh/G d 757 

Putnam Fed _ 249 

c-apprax omt per AD R. 
d-toctodevn 717 cop gains. 

STOCK 

-106% 
INITIAL 

_ 24 

_ 6725 

CORRECTION 

Genta Inc el 23% 

Hubbell A&B t 63 

e -stock divid end not decl a red. 

1 -correcting amt. 

REGULAR 

Abbott LOta 
Brown Grow 
CapstrodMTg Q 23 

Chubb Core O 66 

EmergMkts Inc M 612S 

EmeraMkts Incll M 6125 

EalncFsIExAT&T M 7283 

Heritage US Gvt M 297 

Houston Indus 0 75 

Mncd HllncPort M 293 

PclneWebTF inc M 2813 

Patriot PrmDIvi M 2667 

Pioneer Equity o .U 

Pioneer Pd O .11 

Pioneer Inca Q .16 

Plenum Pub O 7S 

Pocahonlas Fed! Q .125 

Pfd Inca Fd M .1025 

Premier indiwtl a .10 

Putnm ConlvGrTrA M 74 

Putnm HlYWMunTr M 2625 

PUfnmMgdHIYldTr M .11 

Putnm MosterlncTr M 2625 

Putnm MunOpoTr M .0825 

Putnm UtGr&lcFdA U .115 

TnmzontoCosA Q 245 

TranzonleCOSB Q 2B5 

VestaurSecur O 77 

Zenlx Inco M 269 

oanid; g-payaMe In Canadian 
monthly; awsarterfy; 


9*20 9-30 
9-15 W-7 
9-29 12-1 
11-3 11-21 
9-15 9-30 
9-20 M0 
9-12 9-20 


9-20 9-30 
430 10-14 


§ 2 


10- 14 71-15 

9-19 10-1 
9-19 9-30 
9-23 10-17 
9-20 9-30 
9-20 7-30 
9-15 10-1 

9-16 9-22 

11- 16 12-10 

9-23 9-30 
9-16 9-X 
9-21 10-5 

9-15 9-30 
9-15 9-30 
9-15 9-30 
9-27 10-12 
*14 10-3 
9-23 9-30 
9-23 10-10 
9-20 9-30 
9-20 10-3 
9- 20 10-3 
9-20 10-3 

9-20 W-3 
9-20 9-30 
9-29 10-14 
9-29 10-14 
9-30 ID-19 
9-23 9-30 
tends; m- 


U.S./AT THE CLOSE 


IBM’s Cutbacks Hit Its Sales Force 


.S. headquarters ana regunm 

Most of the cuts will occur among IBJfs sales suDoon naff. 
The cut represents 7 percent of the 43,000 people wjBM s U.S. 
marketingdivisioiL The move, annoim^Me Thursday, is part . 
of a cost-saving program through which IBM hopes to cut lg worief 
force to 215,000 employees by the end of the year. In 1986, the 

“KgS North Arariwn 

for the company, said IBM tori 




SCHNEIDER: Inquiry Leads to a Diplomatic Row 


Continued Iran Page 9 
eau-Valencienne were planning 
to ask for government interven- 
tion. 

Jean-Marie Burguburu, a 
lawyer for the Schneider chief, 
said contact had been made 
with the Ministry of Justice, 
which he said would be asked to 
defend Mr. Pineau-Valenci- 
enne’s interests. 

Mr. Burguburu said the war- 
rant this week marked the third 
time that the Belgian judge had 


violated a 1959 European con- 
vention on criminal offenses. 

Mr. Burguburu said the first 
incident came in May. when 
Mr. Pmeau-Valendenne was 
asked to come to Brussels for 
questioning in a telephone call 
from Belgian police rather than 
by way of government- lo-go v- 
erament contacts at the minis- 
terial level He said the second 
instance was last week's sum- 
mons from Brussels, which he 
said had come by registered 


mail rather than through the 
Justice Ministry. 

The board of Schneider held 
an extraordinary session Friday 
and expressed its confidence in 
Mr. Pineau- V alenrienn e, who is 
being sought for questioning 
about alleged fraud at two of 
the company’s Belgian subsid- 
iaries. He spent 1 1 days in a 
Brussels jail last spring. 

The price of Schneider shares 
closed Friday at 387 JO French 
francs ($73). 


Police Seize Documents 
Related to Olivetti Sale 

Reuters 

ROME — The police, acting 
on a magistrate's orders, took 
documents Friday from the 
Treasury Ministry relating to a 
bid by Olivetti SpA to supply 
the ministry with computers, a 
police spokesman said. 

The papers were seized 
Thursday night on orders of the 
magistrate. Maria Cordova, 
who has been heading a year- 
long investigation into another 
sale of computer equipment. 


operations previously had separate 
regional sales offices. 

Raytheon Buys Networking Concern 

LEXINGTON, Massachusetts (Bloomberg) — Raytheon Co. 

s aiH Friday it would offer $28 for “any and all of Xyplex Inc. s 

6.1 million shares outstanding. 

If all of the shares were tendered, Raytheon would pay about 
$ 171 million for Xyplex, which makes computer network systems. 
Raytheon, which is a major defense contractor, said the acquisi- 
tion was part of its push into nonmflitaiy businesses. 

Xyplex said its board approved the plan, which woiud go 
through only if 80 percent of the company’s shares woe tendered. 
Peter Nesbeda, chief executive of Xyplex, said Raytheon ‘bring? 
to Xyplex significant financial resources, name recognition and 
credibility for long-term presence in the networking market.” 

TCF Financial Acquires Great Lakes 

NEW YORK (Bloomberg) —TCF Financial Corp.said Friday 
it had rimed a definitive agreement to acquire Great Lakes t 
Bancorp- iu a stock swim valued at $195 mil lion , or $28 a share#. 
Acquisition of Great Lakes, which had $2.7 billion in assets, 
will tnple TCF Financial’s presence in Michigan and allow it to : 
enter Ohio for the first time, the company said. 

TCF Financial has $5 billion in assets and 182 offices m 
Minnesota, Illinois, Wisconsin and Michi gan . 

Mercantile G>nfirms Merger Talks 

NEW YORK (Combined Dispatches) — Shares in Mercantile 
Stores Co. rose snarply Friday after the company said it was in . 
discussions with another party regarding a possible merger or 
other business combination. 

The company did not disclose the identity of the other party. 
Mercantile's brief statement before the market opened con- 
firmed weeks of speculation by investors that it might be acquired. 
On Thursday, when Mercantile stock climbed 16 percent, analysts 
said investors were speculating that Mercantile would he bought 
by May Department Stores Co. Both companies declined to 
c omm ent- Mercantile’ s shares have risen about 35 percent since . 
Tuesday. (Bloomberg, Knight-Ridder) 

Abbott Announces Share Buyback 

ABBOTT PARK, Illinois (Bloomberg) — Abbott Laboratories 
said Friday it would repurchase as many as 20 million common 
shimy or about 2 percent of its common outstanding, in the open 
market ... 

“The company is buying back its shares as an investment," the 
company said. 

Abbott Laboratories, which makes health-care products, an- 
nounced Sept. 2 it would expand in Europe by acquiring Puleva 
Uni6n Industrial y Agroganandera SA, a -Spanish dairy and 
nutrition company. 

Nextel Strives to Expand Network 

WOODLAND HILLS, California (Bloomberg) — America^ 
Mobile Systems Inc. said Friday that Nextel Communications 
Inc. had proposed to buy the company for $78 million in stock, 
less than a week after the collapse of an alliance between Nextel 
and MCI Communications Corp. 

American Mobile System is one of the largest mobile radio 
companies remaining after Nextel's three-year, $3.5 billion buying 
spree of its competitors. Nextel is trying to assemble a national 
wireless telephone network. 

If they approve the deal, stockholders of American Mobile 
Systems will exchange each of their shares for 0.443 shares of 
NexteL In April 1993, Nextel bought a $5 nitUioo stake in 
American Mobile Systems. 




v* 

. -Tf’ 


Il’l/llJl 




WORLD STOCK MARKETS 


Ageno Franco Pma Snpt 9 
CtoNPiw. 


Amsterdam 

ABN Amro HM 5960 4070 
ACF HOW too 3760 37.10 
*9 9U0 
4970 4970 
21270 217.10 

74.10 73 

36.10 3650 
4760 48.10 

148 146 

14520 146.10 
1670 1660 

4460 4570 

300 29550 
24450 23750 

79.10 79 JO 

00-80 8150 
4370 4160 

94.40 9560 

78.10 78.90 

48.90 4V5Q 
50 JO 5170 
5460 5460 
6470 4470 
7460 7570 

44L50 4970 

5750 5870 
7470 75.10 
11960 11950 
5270 5140 

11950 11960 

8X70 8460 

19490 19760 
M60 44J0 
33120 203 

4860 48.90 
192 19250 


Afield 
AkZONOM 
AMEV 

Bola-WesHiwn 

CSM 

DSM 

EHcvler 

Fofcker 

Glit-Broaxles 

HBG 

Httookir 

HuSSSr Dmglas 

(HCCatand 

Intor Mueller 

urn Nederland 

KLM 

KNP BT 

KPN 

Ntdlloyd 

OceGrlnnn 

Pawned 

PhlllM 

Pohraram 


Rodamco 

RoJJnco 

Rennie . . 
Sava i Dutch 
Stork 
Unilever 
von Ornmeren 
VNU 


Wo4ferVKhnrar 11950 12060 

EEiSraiS IS” 


Brussels 


AG Fin 
Aimanll 
ArtMd 


BBL 


CBR 
CMB 
CNF 
Cockerll! 


Colruvf 

Deflnlra 

Eiectrnhel 


2400 2595 
7800 7400 

4765 4780 

2505 2525 
4285 4290 

2510 2510 

2Q20 2M> 
305 205 

54*0 5700 
7630 7450 


EjKtratlr 

GBL 
Gevaelt 
Glov e rtiei 


3145 3158 

1420 1436 

4420 6435 

4900 48S0 
3010 3020 
6430 6400 
1450 1460 
10400 10400 

2*75 29S5 

536 544 

>w ..^ 5030 5030 

Sac Gen Banaue 8100 8110 
SocGen Betolaue .2225 2245 


Kra dW lBOHfc 


P*troHno 

Pewerfln 
Roctlal 
Rovale Beige 


Satina 
Sclvav 
Tetoenderla 
Tract ebel 
UCB 

Union MJnlera 
Wa gons Llts 

SSBBWW 


ItoBO 14733 

15875 15875 
10100 10B00 
10000 18000 
24825 34900 
2670 2685 
7100 7050 
Indn :7M84f 


Frankfurt 

AEG 17060 170.90 

Alcatel SEL 31160 327 

Allianz Hold 2480 2457 
AUtxw M0 465 

/WO 952 96260 

BASF 32660 325 

saver 37537370 

Bov. Hypo bonk 417 ill 
Bov VerelnsMc *51 447 

BBC 714 719 

BHF Bank 397J0 3*7 
BMW B74019JD 

Conwneribank 33*32860 

Centtoemal 24023760 

Daimler Benz 040 033 
DMkUttQ 4Sd 4S8 

DIBaboock 24824960 

Deutsche Bcmk 73272260 

Douglas S27 525 

Dresdner Banfc 407 jg 405 
FeMnwtMe MS £ 
F Kr»p Hoesctl 22X88 221 


Haraener 
Kennel 
Hochtief 
H09CMT 
Kotonorai 
Horten 
IWXA 
Kail Sale 
Karstodt 
Kautfiai 
K HD 


353 348 

606 610 

882 879 

15315160 
630 622 
51751760 
129.8812860 


KtoKkner Wtrke 15ig 15160 


Unde 
LVtlhaftsa 
MAN 
Mannesmgnn 
Meiaiieeseii , 
JMuencn Rueck 


Preussoe 

PWA 

RWE 


1*7 206 

427 JO 425 
<35 434 
180 183 

2900 2900 
825 816 
48247&30 
255 255 
472471.70 


CteeePrav. 



Helsinki 


Amer-Ymytna 

Enso-Gutrelt 

Huhtomoki 

icop. 

Kvmi ne ne 

Metro 

Nokia 

Pohlola 

Rraela 
Stockmann 




117 114 

4770 47 

158 150 

1890 10JO 
137 138 

163 163 

571 5S3 

70 «L50 
108 110 
235 235 


Hong Kong 

Bk East Asia 35L20 

Camay Pacific UTS 

Cheung Kong 4060 

China Light Pwr 4160 
Dairy Farm tort 1265 
Hang Lung Dev 14.95 
Hang Seng Bank 56JS 
Hender son Land 4860 
HK Air Ena. 37.10 

HK Citfna Gas isjo 

HK Electric 2U5 

HK Land 2IJ0 

HK Realty Trust 21 JO 

H5BC Holdings 9X25 
HK Shane HNS 1260 

HK Telecom ra 1625 

HK Ferry 1115 

Hutch whomooa 3860 
Hyson Dev 2445 

Jortflne Math. 76 

JaitOne Sir Hid 3360 

Kowloon Motor 1665 
Mandarin Orient 17 
Miramar Hotel 2060 
New World Ow 2BJ0 
SHK Prom 59 Jb 
5ietox 124 

Swire Pac A 65 

TaiowungPrps Had 
TV6 423 

Wharf HOW 3*60 
WlMkKk Co 1815 
Wlna On Co Inn 1160 
Wtosorlnd. 12 


3120 

1260 

4820 

4160 

12J0 

14.90 

57 

4860 

3190 

1140 

2660 

7U0 

2160 

94 

1260 

1A23 

1X10 

38J0 

2*20 

7360 

3X10 

1465 

1UO 

2070 

2805 

«02S 

126 

64 

11J0 

423 

3450 

1835 

1120 

12 


Johannesburg 

2 * 79 


AECI 
Altech 
Ansta Airier 

Barlows 
Bhrvoor 
Butte Is 
Do Beers 
DHefgnleln 


GFSA 
Harmony 
HignveW Steel 
Kloof 

NedDankGra 
K onatonteln 
Rwsolal 
SA Brews 
St Heknto 
S asot 

W es tern Deep 


121 127 

261 263 

37-75 33-25 
HITS HA. 

52 Si 
ui6o no 
49J5 72 

1460 1485 
128 129 

36 36 

3US 3X25 
72 7X75 
32 72JS 
5760 5125 
124 128 

8179 8760 
48 4175 
1X50 1425 


214 

598761 


London 


Abaev NotT 

297 

407 

Allied Lyons 

5X7 


Arlo Wiggins 
Argyll Grow 

in 

377 

18* 

1*3 

An Bril Foods 

5X9 

5X5 

BAA 

489 

4X7 

BAf 

4X8 

5.12 

Bank Scotland 

2X6 

2.13 

Borders 

555 

5X9 

Ban 

571 

574 

BAT 

453 

434 

BET 

1.05 

1X7 

Blue Circle 

294 

201 

BOC Group 

723 

7.19 

BOOR 

559 

556 


488 

4.98 

HP 

419 

421 

BrU Airways 

4 

All 

Brit Gas 

2X4 

2X7 

Bril Steel 

1.49 

153 

Brit Telecom 

3X0 

195 

BTR 

350 

339 

Cable wire 

419 

452 

Cadbury 5di 

455 

4X9 


292 

7.93 

Coats VI vel la 

2.17 

?H 

Comm Union 

547 

558 


5X6 

5X9 


295 

377 


4X9 

4 


2X3 

184 

F Isons 

1X0 

153 

Forte 

Z53 

2 5ft 


CtoeePrev. 


GEC 

GenlACC 

Gtaxo 

Grand Met 

GRE 

Guinness 

GUS 


HHhdown 

HSBCHWgs 

ICI 

IndKane 
King f isher 
Lodbrake 
Land Sec 


Lasmo 
LeoalGenGro 
Lloyds Bank 
Marks SP 
MEPC 
Nat'ir_ 
NotWesJ 
Nttiwstwafer 


PkO 
Pliktoatan 
ramorGcn 
Prudential 
Rank Oro 
Rack I It Cal 
Redlond 
Reed loti 
Reuters 
RMC Group 
Halls Rarer .. 
Rothmn(urrit) 
Royal Scot 
RTZ 

Salisbury 
ScatHewcns 
Scot P ower 
Sear s 

Severn Trent 

Shell 

Slefte 

Smith Nephew 
SmlinKiliwB 
Smith (WH) 
sun Alliance 
Tate & Lyle 
Tesco 
Thom EMI 
Tomkins 
TSB Group 
Unilever 
UW Biscuits 


War Loan 3M 
weHoame 
Wiu reread 
WIIIUnnsHdOS 
WIlUs Cerraon 

yr.: 


261 
556 
6.10 
416 
166 

471 
568 
243 
161 
768 
829 
438 

490 
164 
424 
7J7 
164 

472 

561 
408 
435 
477 
5-07 
568 
418 
668 
1.94 
572 
811 
412 
586 
52* 

766 

491 
924 
121 
428 

420 
888 
442 
811 
326 
1.17 

562 
761 
566 
163 

421 
AM 
X29 
441 
279 

WJ* 

279 

270 _ 

1162 1166 
131 X33 

221 2J02 

4894 41JJ4 

627 497 

561 560 

157 165 

169 164 


I.-3U9J8 


573 

s 

I 

422 

4*3 

540 

167 

430 

776 

167 

473 

568 

416 

433 
4M 
816 
571 

413 
669 
195 
579 

3.17 

414 
5.93 
Ui 
763 
496 
926 
U7 

415 

434 
891 
46* 

5.18 
39* 
160 
565 
763 
576 
763 
437 
49* 
332 
441 
243 
1817 

J31 

227 


Markus dosed 
Madrid stock 
market was dosed 
Friday for a holiday. 


Milan 

AUHIBO 15495 15S35 

AaltOlta 13800 13700 

Autatrode nrlv 1670 Tm 
Ben Asrirallura ZS*0 3810 
Bco Cammer Iteri 3570 3685 
sea Naz urroro 1240Q isooo 
BCO Pop Novara 8350 8230 
Banco (U Roma 1X20 1825 
BceAmtrasigAO 4U0 fuo 
Bco Napoli rise iso 1325 
Benetton 21400 22100 

CradKa Ifaitatw 3050 2115 
Enlchem Aug 3090 3075 
Fertln 1*55 1*83 

Fief saa 070 ow 

Flnanz Agrglnd 10900 10625 
Flnnwewnlw iro ism 
Fcntflaria lspo 10670 1DDD 

5730 

11760 1ZZJ0 
5090 5160 
1355013980 
133* 1345 
3020 2090 

2380 24M 

RA5 23800 34150 

Rtoascente 9220 9355 
Son Pooto Turin# 9300 9380 
IP 4280 <440 

■E 3880 3650 

hod 2055 2080 

. __ 35BSO324J0 

stet 4*50 ms 

Taro Asslc 26150 26100 


Generali Assic <700 ■ 
IFIL 

itatcenienli 
luigas 
MedtoDanco 


Montedison 

Olivetti 




Montreal 

Alcan Aluminum xsv, zsx, 
Bank Montreal 2 * 

Bell Canada *2W (fit 


B 

Camblor 
Domintan Text A 
DanofiueA 
FCA Inti 
MacMillan Bi 
Natl Bk Canada 
Power Carp. 


Quebec Td 
Ouebecor A 
QuebecorB 


Close Prer. 

2BMl 7B4S 
1816 18 

SW 

I* 3 * 1*Vi 
N.T 4 
20 2014 
966 916 
1916 2BH 
5% SVl 
19W 191ft 
1916 191ft 
19*. 19*6 
18* 1816 
13V6 MV6 


WSW " 5 


Paris 


633 638 
7*8 753 


Accor 

Air Lloutae 
AJartet Alstoom 238 2*459 

BNP 232 2*0 

Bouvwes Mi Ol 

Donone 771 795 

Corretour 2110 2131 

C.C-F- 20560 215.20 

Cana 114 11670 

cnorgeurs K8S 1*80 

Oments Franc 307 310 

Club Med <28 438 

Elf-Aauttatoe 396*0160 
Eoro Dbney 475 9J9 

GeaEawx 5T0 519 

Havas C9<5aiQ 

I mend 583 588 

Lafarge Cbppcc tZVWenx 
Legrond 600 *650 

Lyon. Eaux 517 528 

Oreal IL'l 1134 1149 

UVJVUL SSI 858 

Matra-Hochette 107 10960 
MkheUnB 230.10 23610 
Meuttoex 13^12X» 

pSSSvtotl 1*6401*460 
Pernod- RJcord Ji5JQ32i.ig 
Peugeot 832 835 

p moult Print 942 9« 
Radtofedwtaut . 531 537 

Rn- Poulenc a 129 JO 132 
Rati SI. Louts 1540 1580 

lotofGabafn S3* 4M 
s b B 5S2 5S5 

SteGenerale 558 JM 
Suer 25560 25X45 

T fi O mt etvCSF 152 154 

Total 31531560 

UJLP. 14490 149.10 

Valeo 28X20 292 

KU&i? 


Sao Paulo 

Bonn da Brasil 2X30 21 

1041 1035 
B-30 833 

™ ^7 

36X0135101 
265 26S 


Brafima 
Cemto 
Elttrebras 
iraubaica 
Upftt 

Paranaponenw 


Close Prev. 


Stockholm 


AGA 
AseaA 
Astra A 
Atlas Cooco 
Electrolux B 


67 6560 
570 575 

183 184 

9X50 9450 
372 374 


96 96 

91 9060 
17* 176 

260 260 
137 134 
118 120 
111 118 
43 43 

115 115 
147 148 

133 135 

427 429 

103 103 

142 142 


Eisette-A 

Handebbcmken 

investor B 

Norsk Hydro 

Procardia AF 

SondvlkB 

5CA-A 

S-E Banken 

SHauSaF 

Skanska 

5KF 

Storo 

TraHeborp BP 
Volvo 8F 


Sydney 


Amcor 920 920 

AN2 X83 X82 

BHP 20.12 2024 

Barat X2S 135 

Bougainville 1.16 1.1* 

cates Mvrr 409 406 

OunafCO 5L70 SJ0 

CRA 1966 19J6 

C5R 450 <63 

Fosters Brew T.I7 1.18 

Goodman Flew U5 165 

ICI Australia 11 1120 

Magellan 1.95 123 

MIM 2.99 ItC 

Nat Aust Bank 1022 1028 

News Cora 872 888 

Nine Network 442 450 

N Broken Hill 372 3-80 

Pac Dunlop 410 422 

PmeerMn 321 X2i 

Nmndy PaeeUun 245 249 

OCT Resources 160 168 

Santos X90 361 

TNT Z46 258 

Watorn Mining 8.15 828 

Westpac Banking 430 43* 

Woodstde 460 460 


AHerataartMtndi 
P r erlo uj : aks.ie 


Fanuc . 

Full Bank 
Fuji Photo 
Fujitsu 
Hitachi 

HRocniCoMo 

331 JM aMiHW ff . 

1474 148*' *LX? k0< * > 
161160.99 IhKhu 
6700 6990 JojjanAlrilnes 
5170 5160 Kallma 
445 M Kaneol Power 
LA 137 Kawasaki Stea 
14960 146 Kirin Brewery 

134 138 jWw rtra 


Soun Cruz 

Teiebras 

Teiesp 

Usiminas 

Vale Rio Doce 

Vang 


Tokyo 

AkolElectr 436 442 

Asohl Chemical 787 7B5 

Asofil Glass 1210 1200 
Bank Of Tokyo M90 M70 
B rt doestewe 1540 1560 
Canon 7730 1740 

Casio ■ 1250 1220 

Dal NEpswl Print 1830 1830 
DaHva House M80 1480 
Dolwa Securities 1448 1460 
4590 4540 
2070 2040 
2230 2180 
1040 1060 
973 969 

8S5 85* 

1580 1600 
5120 5MB 
695 698 

730 72S 

984 983 

2570 2570 
428 422 

1170 1170 
984 900 

715 712 


Jurong Sdorant 
Key H ton J Capo 


Singapore 

Asia Poc Brew 16X0 1440 
Ccrebas 020 820 

Cltv Develcpf nn t 7.10 720 
Cycle & Carriage 1X80 tX70 
DBS 1X90 M.W 

DBS Land 468 4*0 

FELev to gwan 440 aa 
Fraser * weave 1660 1870 
GU Eastn ute 2520 2450 
Kang Leons Fin 4» 459 

14 1430 

2 201 

Kernel 1160 1150 

Natiteel _ . XZ X2* 
Neptune Orient 2 20 279 
OCBCforeta _ M 1420 
Cseas Union Bk *60 8X5 
OTeas Union Ent 8.15 870 
Sembo wang 1170 W 
Stme Slngaper* 109 109 
Sing Aerassace 2X9 2X8 
Sing Airlines to m 14 1410 
Stoa BusSvc W 9A 
Sing Land UD 

aSp?Stom ^6 »W 

ts^m isn 

Straits StBcm 

Straits Trading 3 A lx* 

Tat Lee Bonk 4X0 f* 
utd Industrial 1X2 1X1 
UW OSee Bk torn 7420 MJi 
Utd O^tas Land 258 2X9 
grejgnm« ML : 229*7* 


Kyocera 7100 7250 

Matsu Elec tods 1650 1 650 


Matsu Elec mo 
Mitsubishi Bk 
Mitsubishi Keael 
MltsubtsM Elec 
Mitsubishi Hev 
MRsuM sfil Cora 
Mitsui ana Co 
Mitsui Marine 
MUSJftasM 
Mtsutnl 
NEC 

NGK Insulatan 

Nlkko SecurtHes 1130 1120 
Nippon Kogaku Ml 975 
Nippon Oil 
Nippon Meet 
NlramYum 
Nissan 
Nomura See 
NTT 


HOD 1108 
2410 2390 
S2S SB 
881 668 
766 77* 
1210 1210 
839 830 

770 769 

9BT 990 
1*80 1400 
1200 I 200 
1030 1MQ 


726 725 

370 365 

439 *45 
75* 739 

2130 213 

sas o amoa 


Olympus Optical urn 1110 


Flcneor 
Rican 
Seiva Elec 
Sharp 
SNmani 
Shinetsu Chem 
Sony 

Sumitomo Bk 
Sum homo Chem 
suml Marine 
Sumdome Metal 
TaMCero 
T*8doCh*m 
TDK 
Tellln 

Tokyo Marble 
Tokyo Elec Pw 


2630 2690 
90 940 

568 5*7 
1760 1770 
772 715 

2030 2050 

5700 5800 

1840 1850 
565 91 

915 921 
325 319 

* M 675 
1240 1230 
<370 4340 
S54 553 

1190 1200 
2960 2900 


Teppan Printing 1450 1440 


Taray Ir 
TMhfbq 


(nd. 


760 74S 

752 735 


date Pnr. 



Toronto 


AbtttM Price 
Aon I co Eagle 
Ah Canada 
Alberta Energy 
AmerBarrlcfc 
BCE 

Bk Nova 5COtla 
BC Gas 
SC T eleco mm 
Brumaiea 
Brunswick 
£Af 
Comdev 
ClBC 

Cdn PacHIC Ltd 
CaoodiaTi Tire A 
Cantor 
Cara 

CCL indB 

Cbwotax 


191b 19Vj 
18 llVi 
8 S 
■XPL 3R4 
33W 33 

46W 47V« 
259k 26Rk 
144b 15 

2Tb 1A. 
NA 470 

11 l(Wi 

71* 71* 
NA 5 
32 32k. 
23*4 239k 
118k 12W 

20 a 

085 X85 
9M 9H 
4.95 5 


Inco 
iPLEnerav 
Jarroock 
Labatt (John) 
LobkJwCas 
Mockerale 
Magna Inti A 
Maple Leaf Fds 
Muittlnie 
Mark Res 
Molscn A 
Namalnd A 
Noronda Inc 


Cara Inco 23% 23V* 

Conwest Expl 24 24 

C5A Mat A 11 11 

Dtrfascp • 2?V6 7ZV2 

Dylex A 183 IPi 

Echo Bay Mines 179k 17VU 

Eauily Sliver A OJS 060 

fca ran na. 4 

Fed I nd A 7 M 

Fletcher Cfiall A I9*k 20 

FPT SPA 51k 

G e nlrci OH DH 

Gulf Cda Res 51k 5 

Hees inti 13W 13% 

KemtoGW Mines 14% 14% 

Hd Unger 13% 11% 

Horsham 22 21% 

Hudson* Boy Co 3% 


2S% 29% 
161* 16% 
ZIM 21(4 

21 21% 
8% 8% 

a S 2 % 
NA. 11% 
25% 2SM 
S=A M4 
22% 22% 
4 % 460 
2 26% 

13 12% 
T7% 17% 
<7% 47% 

14 13% 
19% 19% 

4 405 
32% 31% 

n 9 
06* 066 
SJA. 17 
M% SPA 
22% 27% 
NA 77 
281A 30% 
NA llki 
NA. 8% 
HA *314 
NA. 8 
NA 41% 
NA 12% 
NA 7% 
NA 17 
11 % 11 % 
NA «% 
30% 31 

NA. 25% 
144k 16% 
20% 20% 
NA. 24% 
14% 14% 
NA. 17% 
NA 4 
NA 15% 
NA 165 


U.S. FUTURES 


Vie Aaodaled fren 


Srat-9 


Season Season 
►eon Low 


Ooen high Law Case Cho OpJnt 


Grains 

WHEAT (CBOT7 MB9Nin*Vn»«*-drteknw6u»l«( 

X77% X03 S«>« X49% U44, 3 £TH X7* MUM 1JB7 

X91 1I» Dec 9* 3-14 X9I 182 190% •OQI', 47.9M 

196 XZ7 Mar95 3J9 1*7 l67Vj 19i% *0JB% 16632 

187 116rtMav75 179 183V. 177 M 183% HUDV. 1,936 

141 111 Jut 95 152% 36* 361% 15* S *000 H 1162 

143% 36*%Sra*S 367% *001 IS 

UHk IS 5*9* 16* 53 

EsL safes 24XW0 Thu'5-sate 18432 
Thu’socefiinl 71,173 Oft 149 
WHEAT (KBOT) WJOfbymWmwTvc - 


Norcen Energy 
Nlhern Telecom 

OstSwjrSraup A 
PmrlanA 
Placer Dame 
Pa« Petroleum 
pwa Cora 


Env 

n B 

Rothmans 
Royal Bonk Cda 
Sceptre Res 
Scon's Heap 

g eogrnm Co. 


Shell CanodaA 


SHLSk.. 

Southam 
Sear Aerospace 
5 telco Inc A 
Tellsmon Eny 
TtcXB _ 
Tnomsan corp 
TorOom Bonk 
Torst orB 
Tronaotto Cora 
TronsCdn Pipe 
Triton FlDl A 
TrlmoC 

Unkora Energy 

J^iSS HSSiS*- 


Zurich 

AdtoimiB 252 251 

Ahnuhse B new *75 678 

BBC Brwfl Bov B 1162 1171 

g j a^ B B 7,5 806 

EtoktrawB 
Fischer B 
interdtocount B 
JetmoB B 


LaniSsGyr R 
Moevenpick 


53 550 
353 353 

1*70 7700 
7X0 2270 
895 895 

.. .. 725 745 

. Ick B 410 410 

Nestle R 1217 1229 

Oerllk. BuehrteR 14014160 
Pcroeso HU B 1570 N A 

Roche Hdg PC 4250 6330 

Sotra Republic 108 108 

MndozB 709 712 

Schindler B 7700 7750 

Sutler PC 936 tn 

Surveillance B I960 1970 

Swiss Bilk corp B 378 378 

Swiss Relnswr R 529 532 

Swissair R 857 859 

UBS B 1205 1213 

Winterthur B 689 *W 

Zurich Ass B 1263 1276 

KSKiW 


_ IhSro7* STS’* XOIH 1741* 181% »<L0S% <11 

117% Dee 9* 3 J* 193* 345 X92 % ,ojdv. 13JZ2 

125 Marts XJ9 X«»% 127 1W.7 *a« 969T 

3Jl%\taY« 360 363 38* -08! 756 

3.1 6% Jul 75 362 X60 362 367<6 »0JB% 146B 

3J5 SeotS 159 T3 

. 140%Dec9S 1*5 1*5 345 16S -042 1 

.sales NA Thu's, sales 
icnlnt 

(CBOT) SABO BumMmjavdBOwtscr buPW 
114 Seo 9* 124 134'-. 2J7W 223 -O0IH 7.995 

117 Dec 94 725 72SV. IZPu 124 -OOHkCTJI? 

124 Mar 95 134 135 2JTa 223'ft-OOl^ 31277 

!22’>iMcv95 140 140*6 3Jf% 13»%— 021'i 11383 

246% Jul 95 144% 2X5 1*4 2X4% -O01 12249 

139 Sep 95 2X6% 147V, 146*6 Z4W-OOM6 93* 

325% Dec 95 7X9% 1X916 1X9U 2X9% -080% 6.130 

157 Jul 94 IXOVi 261 16016 261 -080% 50 

EXL soles 76200 Thu's, sdes 22469 
Thu’iooairH 702-722 ctf 57 
SOYBEANS rcacm unbunMnun-amariMvi 
7J»% 560'ftSenW S6S S86 184 SAT-.-OWA 4X51 

S61 NavW 574 SJJ S.7T6 SJSVi-OM’A 78,992 

580 Jan 95 581 56T/, 560^ S83ta 14.763 

Iff! Mar 95 5.90% 191% 530 5.92% 7,150 

SJ 5% May 95 S.to 5.99% 197% 189% *040% 4403 

SJB%Ju195 623 605 622 66*36 *0,®V* SJ23 

S79 Aug 95 604 60J% 604 6JM% *000% 25* 

677 Sec 95 aJM 60* 604 604 91 

SJB%Nov95 606 609 606 LOP* ‘101 3X65 

830 Jul 96 627 1 

Est sales NA Thu's. sMes, 24J12 
Thu-sopenlnt 171193 off 3 
SOYBEAN MEAL (CBOT] 1BSKns-da«aftDW1Bn 
" • 179X0 Sep 9* 171.83 17170 171JS 172X0 

14920 Oct 9* 169 JO 170X0 169.70 17020 

1 6960 Dec 94 17130 17130 170.10 170X0 

17670 JOT 9S 171X0 172-50 T7130 17110 
172X0 Mar 95 I74J0 17320 17430 174X0 

T7*MMay95 17600 I76BD 17150 17600 
17JJ0 Jul 95 178X0 179X0 178X0 17BJ0 

;76»aubW mw J7 9X0 17150 17170 
176505O 96 17950 180X0 17630 179.1D 
Dec 95 18240 182X0 182X0 182X0 
Est uin 20x00 Thu's. K«3 2834* 

Thu’s open in «X33 up 79 

SOYBEAN OIL (CBOT) AOBH-itoiMflflih. 

XU* 22.40 SeD 94 2618 2629 2608 2638 *008 6005 

295* 22- mod 9* 25X5 26X0 2571 21% *0.07 16373 

28*7 22X0 Dec 94 25X5 15X7 35X5 25X1 —0X4 27X83 

28X3 21X5 JOT 95 262S 2S35 2123 253* -0X9 1734 

ax 2193 Mor 95 2iin 2112 2450 25JF -aid 7J7\ 

38X5 22J73MOV95 3+W 16W 24J0 24X3 -0.14 4X05 

27X5 23X0 Jul 95 34JD 2675 24X8 24X3 -0.17 12E 

2720 2195 Aug 95 34 40 3640 HX0 2640 -OX 512 

7675 2195Sep9S 2630 3430 2195 2618 -Q.15 68 

2X10 21I0DCJ9S ZLfiS -030 7 

2X75 22X0 Dec 95 _ . 2X73 -030 3 

Est sdes liOOO Thu s, loua JOXl* 
nwiopmim ?TX69 on i an 


3X6 

19S% 

J.97% 

X88 

14* 

3J0% 

8% 

177 

182% 

IMS 

2-15% 

2-70% 

2X3 

ICK 


7-57% 

7X4 

7XJ 

1X5% 

7X6% 

6.17 

615 

LXV, 

Ml 


moo 

209 JKJ 
JVit 
WJD 
2D7JK 
20600 
782X0 
18170 


*0X0 6X35 
*0X0 13.116 
♦ 150 37X05 
*0X0 7.788 
*0J0 7.»BB 
*0J0 4X30 
-0JD 1687 
*1 .10 190 
-1X0 3X7 


Livestock 


76.10 

74X0 S7X0Dec9* 67X7 69.90 69X2 6975 

7625 47J0Feb9S 6640 68X7 6610 6636 

7XH CXOAFTto *9.95 70X7 69X7 69 75 

6930 6660Jun95 66.92 67.10 66 JO 66E5 

68.10 66X3 Aug 9S 66X0 MAS 66X0 66X7 

67X5 *7,000095 *6.90 47 JB 66.90 66.99 

Est.safts 9,983 Thirs. solas 1D.M1 
Ttw-SOTOTW 7A4 86_.UO_.4 67 
PBBDBICATTLB (CMERJ swu.cmwfe 


75X0 74JQ59P84 7445 7A*5 7445 

51X5 719501794 7A30 7A70 74X5 

B8JB 7140 Nov 9* 75X5 7190 75X5 

80X5 7195 Jon 95 7125 7530 7445 

aoxs 77X5 Mar 9 5 7185 7345 73 JO 

76J0 72X8 Aar 95 7140 71*0 73J» 

7630 7125 MOV 95 73X0 7110 7U0 

nes tubxuuk 

Eg. SOWS 1X88 Thu-k-SOWi 779 

Tin's open X 1.80 us *1 
HOGS (CMER3 4U00Bs.-ecieiMrlL 



37350094 38.85 
3UISDK94 39X5 
3840 Feb 95 3940 
3LS5ADT9S »J0 
4USJIB19S 4435 
4175 Jul 95 *4.10 

AU0AUQ 95 SLOO 
37300095 40X0 
(030 Dec 95 


9X2 


38.90 

39.77 

39.95 

39J0 39.15 
44X0 4435 

402 44.10 
43.15 43X0 

40X0 3940 


.sales US Thu's. sain 5J45 


74X2 

7A45 

7&40 

7120 

73X5 

73X5 

73X0 

71® 


38x2 

39X7 

3947 

3122 

4150 

44X2 

4115 

19.95 

40 J 5 


*0X5 3L766 

*020 18X87 
—0X2 11X95 
-0.10 7.9*2 
— 0.12 l.W 
—023 933 

-0.10 80 


—0X8 1,989 

— O.I5 1269 
-0.15 

—0.15 729 

-005 236 

♦ 0X8 236 


-AH 


114 


lJflt 2748! off 387 
PORK BELLIES KWER 


■w 


41X0 Feb 95 

MX 4042 MOT 95 4225 

<1.15 OX0MSV9S 

54X0 OMJultS 6440 

44X0 424SAua9S 4125 

Esi. sates i,l» Thu's, sdes 
Thu's open tot 7,ns off 76 


40X00 ft, -cmn art c. 


4307 

4190 


4225 42.73 
4125 4155 

4170 

4U0 44X0 

4J2S 4150 


•0X2 mu 
*0.15 70225 
*135 US 
*0X7 1,975 
*020 *39 

-aii in 
*0.10 76 

♦axs si 
*ojs a 


♦035 7202 
•OX 40 
♦ax 90 
-039 U 2 
*0.10 X 


Food 

COfFLUC (NCE) S7XWB »-««(»» 

174.00 61X85*0 94 211 JO 21! JO 211X0 211X0 ■ I JO 188 

36425 77,10 Dec 94 31150 218X5 31150 217X0 ‘1X5 21945 

244X0 7B.90Mar95 21925 221.10 21675 719.95 -135 6.927 

244X0 5155 May 95 23025 27185 220X0 221X0 MJD 3, WO 

24110 85 00 Jul 95 3100 -UO T27 

72) JO 18150 Sep 95 _ 221M .120 356 

24240 8140 Dec 95 328X0 22475 224X0 224X0 <140 44 

Est. sdes 4X23 TW%.UMI 5X16 
Thu’s open int 34X83 

lUCBR-WCRLDll (NCSD 111666 ta..«nHrw to 
llS 1390094 5122 1221 1222 1126 -002 41X32 

I2XI i.VMo-tS 1137 112 1131 IZO -085 71918 

1222 lOSTMavK 1127 1320 1125 lSJB -0X1 110GB 

1117 10X74X95 111! 1118 1112 1115 >OtC 6X97 

1199 10X70095 1194 1ZX0 11.94 11.K ‘OOI 1X88 

lixo 1 an Mar 9* 11X8 nxo iixs nxs -oxi 5*9 


Season 5 eeswi 


High 

Lim Open 

HW) 

Low 

dose 

Chg 

Op. int 

115* 

ll.lBMay to 



11X9 

-0X1 

5 

11X8 

1178 JU 96 



11X0 

—0.10 

5 

Ext tales 20.731 Thu's, sate- 

11.793 




TTWiteentot T3SJ14 






COCOA 

(NCSE1 10 ™* cram- Inr ron 





HHDSepM 1306 

1306 


1288 

+ 17 

to 






1605 

>077 Mot 95 1399 

1404 

IJ90 

1391 

f 16 13761 






+ 14 


1400 

122S Jill 9S 1453 

1453 


1450 

♦ 17 

1483 


1560 

1533 

1676 


1447 503 95 
12«0 0*C 95 
USOMarW 


71 J 


7,1*1 


B7J5 85X0 
91X5 89X0 

9iH 93X0 


oranSTajice INCTN) 

13450 8110 Sen 9* MX0 

13400 85J0NOV94 8410 

132X0 90X0 Jan 95 9025 

13425 9170 Mar 95 9450 

lBB 97X0 

119X0 . 

113X0 >09X0 Nov 95 

177-50 1 05-50 S*D 94 HUSO 10150 1019 

sales looo Thu's, sales 1231 
Thu's OTTO W 30259 


D.40 84X0 +020 MB 


^ 8 May 95 
iai.40 Jui « ram rauo ioojo 


87 25 
91.10 
9480 

99X0 

102X0 

W8X0 

108X0 


♦ 0J0 11457 
+ 045 5,122 
+ 0-50 X512 

♦ 0X5 B76 

♦ 045 49* 

*0X5 

♦ QX5 

+ 045 23 


Metals 

HI GRADE COPPER (NCMX) luabi-cmiiatb. 
117J0 7490 Sep 94 117.90 119J» 117J0 118X5 

1)6.15 7525 Dec 94 115.10 I15J0 11470 11445 

11180 HuSQJontS 114^5 

1M.T0 73X0 F+b 95 114X0 11400 11325 11405 

11440 73X0 Mar 95 113X0 11400 UUO 11345 

11440 76X5 Mav 95 112J0 11240 11270 11275 

117X0 7BX0JUI95 11120 11140 111J0 111.90 
111X0 79.105eo 95 11020 111.10 11Q20 110X0 

11670 7570 Od 95 11670 11*70 11*40 11545 

1I5J0 77.7SN0V95 115.10 

11575 32X0 Dec 95 I09JB 109J0 10920 10940 

10BXO 98X0 Jan 96 709X0 

108X0 i270Mcr9* 108X0 

11110 91.10 Aar 96 11320 11320 1132D 11320 

108J0 10670 May 94 10B.4J 

mis lotto junto lino lino lino 11225 

Jul 96 1 06X0 

AuaW 11125 

BI. sales 9700 Thu's, sdes 51220 
Thu's ooen hr 8297 

SJLVB1 CNCMXJ iOODlroyac-aywiowl 


*154 

5464 


5974 


SSLB 

61IX 

6I8X 

5074 


473XEep94 5410 550J S43X 5502 

511JOd94 54SX 5410 54SX 5524 

Nav 94 S54X 

380XDecto 5502 5»X 5*6J SSLS 

AJIXjanTS 558.9 

41 6X MOT 95 5S9X 56*4 S55X 5646 

(IBXMay 95 57DX 571 X 5700 5704 

4200 Jul 95 S75X 5754 575X S7H 

ECJSep95 5824 

S3?JDec9S 591 J! SP15 SfiJ 5923 

575XJOT96 5*SX 

»XMarW 602.6 

58748*0*96 609X 

Jul 96 6164 

a. solas 21000 Thu's, soles 110X17 
TJkTsooen H I14Q 

PLATINUM CNMBU Kravat-aaewkcwlraycc. 
406X0 AXXOSaaM 62050 

435X0 36UOOa9d 419.10 42150 418X0 43140 
0520 37440 Jan 95 4ZL50 427X0 422.00 42L70 

*39X0 390JnApr9S 43040 43040 43040 439J0 

OA00 *]9J0 Jut 95 433X0 

43140 422-00 Od 95 43570 

Bt.stfes 3423 TIxTs. sates 6X36 
Thu-saoentaf 15JS79 

GOLD (NOXX1 lamos-aunwlniK 

377X0 Seo 94 391.70 

344X000 94 391.10 39190 389.90 372X0 
Nav 94 39420 

3GX0Dec«* 39420 39670 39Z5D 395X0 

36340 Feb 95 397x0 4G0J0 39630 399.10 

36*40 Aar 95 X7120 gqOQ «720 40140 

36120 Jun 95 40630 40*30 «JeJ0 «5X0 

380J0Aua95 3«470 39470 39470 409X0 

2I-22E” xt3.:o 

A70J0OK95 *17X0 

412J0FCD96 42020 

41830 ACT to 42640 

413X0 Jun 96 419.(70 

B>. soles 47X00 Thu's, sales 15213 
Thu-s open tot 40.1S7 


3*940 

417X0 

42440 

411X0 

417X0 

43140 

41 U0 

41130 

429X0 

42440 

00 X 0 

43I1QO 


+ 1X5 6,295 
+ 02S 3*X10 
+ 025 539 

+ 025 309 

♦ 025 1.5m 
*0X5 1,129 
*070 90 

*070 *95 

— 0.15 1,166 
—020 666 
*070 166 

+ 070 59 

+ 070 1*1 

+025 215 

*070 23 

*0X0 133 

*070 
+070 


*42 749 

♦10 

+u 

♦ V0 15X57 

♦ A0 58 
+ 5.1 0790 
♦S3 4285 
*52 um 
+V4 1XQ3 
+ 44 zm 

*34 

*6X 

+A 1 


♦ 120 

+ 120 14X72 
♦ 120 7286 
•1X0 1,954 
*1X0 461 

*120 


+ 20 1 

* X 9X73 

♦ 20 

*120 92X53 

♦ 120 13X30 
-1JC *733 
+ 120 10,194 
*UB 

*1X0 1X66 
+ 140 52*8 

♦ 1X0 
+ 1x0 
*1X0 


Financial 

UST.Bfl.LS (OlflERl llrrev-naiBKl 
96X8 94x2 S(p 94 95X2 95X7 9137 9528 -0X4 MSI 

96.10 9425 DK 96 94.91 9492 UX2 96X3 _XX» llS] 

95X5 9USMOT75 9(53 9+53 94X0 **% Ham 42H 

94.16 JOT 95 94.10 96 10 *409 94J7> -G.13 7D 

_ NA Thu's, sales 7X45 
. Been tot 23747 off 3M 
5 YR, TREASURY ICSOT) siaMDODm-on 6 32rwi at ioopo 
110-195102-12 Sep 96186-145 101-15 103-28 103-25— 90 *7X75 

104-20 101-2a Dec 94 103-20 103-715102*705 102-308* 205 99735 
103-09 I as- 20 Mot 95102-1 5 102-15 102-07 102-07 - 22 85 

Ejj. sales na Thu's. *a+i 34X85 




^ .-TREASURY (CBOT) *1 1 00000 me- Mi AIM ft Wed 
115-81 101-18 50S>74 10+20 10+21 103-15 103-19 — 30 . 

114.71 100-25 DK 94 103-15 103-19 102-12 103-16— 31 HITTS 

Ml-07 100-05 Mot 95181-29 tOI-29 101-16 101-17 —101 1T31 

105-22 99JD Jun 95 101-28 101-38 100-23 100-23 -101 3 

HT1-04 100-17 Sept510e-C7 100-07 100-01 100-01 -101 
Est. foies HA Thu's, sixes 74X35 
Wsooenht 261X01 an ins 

U5 TREASURY BONOS KBOT) aDdXWuo+majiMksnaOKn 
118-26 90-13 Sep 96 102-10 102-14 100-17 100-21 -1 19 ITl^M 

TIB-08 91-19 Dee«4 101-76 101-19 99-20 99-H — 1 5C 306X07 

114*20 9MB Mr 95100-29 180-29 HKS 99-03 —1 20 7J9t 

115-19 98-12 Junto 99-07 99417 90-11 98-14 -1» 

112*15 97-28 Sep 95 90416 96-06 97-24 97-27 —1 19 

113- 14 97-14 D«CK 97-12 97-10 97-05 97-09 —118 

114- 06 90-71 Mor 96 96-23 —117 

150-20 96-13 Junto 94-15 96-17 94-11 96-11 — l ]* 

Eg. sdes 550X05 Thu's stars 225X39 
TTki'iOAennW 4JSXJ6 off 7318 
MUNICIPAL BONDS I CBO T 1 11009* nonets HHosoM an m 
95-17 06-13 S«P 94 91-06 91-04 89-21 87-24 -1« 7X11 

71-17 87-21 Decto 09-10 89-21 67-73 87-79 -1 19 11138 




7J» 

S48 

349 

126 

43 

24 


Season Season 
Hah Low 


IYSE 

^iCIsBtay 

-V* i . * -= 


Open High Law Clase Chg OpJnt 


•• • tn- 

j 


1X440 

1X480 


Thu's open tot 2J84J59 UP 18040 
BRITISH POUND [OXER) tpemoOTO- 1 Pdnrawnlunraw 
1X764 1X460 SePto 1J4» 1JS40 1X60* ‘ 

1-5760 TASK Dec 96 1X00 IXSM IJ3M 
1- 5470 I -5248 Jun 95 

1-5720 1X44DMOT98 1J380 1-5494 1J300 
Est.sales NA. Thu's.KJte* 15X76 
Thu's open tot 41X64 u> 1747 

CANADIAN tXU-l_AR (OXER) ipwar-lpo 

0JM OJOMSePto 07292 0J315 0J287 

07670 0.7038 Dec 94 07279 07X1 07276 

07405 07020 Mar VS 07264 DJ280 07264 07277 
07m 0X990JUP9S 07225 07253 07215 0720 
07250 axtosseoto 07230 

07190 07060 Dec 75 07190 

EJLstao NA TtuTs. sates U937 
Thute open Ini S4.no up 1014 
BERMAN MARX (CMStltperiwk-lnsMeauateUMl 
0X595 OJOOSePto 06421 06517 0X402 0X501 
0X406 0-5590 Dec 94 06420 0X517 06402 0*501 

0X5to OJVSOJunVS OXStB 

0X450 0X347 Sep 95 0X52S 

OASIS . SJStOMarrs 06445 <LOI5 06445 06509 


+70 33X91 
+70 770V 
♦70 1 

+70 ID 


+11 32-547 
+14 19,796 
♦17 1.826 
+20 419 

♦ O 299 
+ 23 .23 


&.sol*t NA. Thu'S Mtes 41,2*3 
Thu's open tm U0J14 off 1556 

JAPANESE YEN (CMBU leer yen. 

aJiQ6aBa joeto2Se p94 ojn oasaLOi ai ooatn 0046turi 0086 
QJiowiD Jxya soecto ODi(n280oim650oioioBojiioi5i 

0JD 06700 J*N776Jun 95 (LDIOQU 

CLOI 0775001 020Q5ep 95 - OOir 

aJIia5iaUX»6aOMor WO01 022800102390010X3111)10 
Bt. sales NA. Thu's, sda 24,139 
TWi open Int 73 XB off 17*2 

5WKS FRANC (3aBD seertou 

07JT7 04600 Sep 96 07484 07125 07442 
87B60 0-6*85 Dec 94 0705 07850 07476 

0 7080 0746* Jun 95 07873 

07B20. 07420 Mot M 07790 07865 07790 07849 
Q?-*cte* NA. Thu's. sate* MX13 
Thu 1 1 ooen Ira 45X38 up 571 


+71 92X86 
+71 34X31 
+73 102 

+72 9 

+72 1978 



+26 SUMO 
+27 14.365 
+36 274 

+3T « 

+19 1X54 


Industrials 


UJI ION2 rNCTiq Aoaoftto-aniMrb. - 
2-29°" 7272 72X5 72.10 

772i 59X8Dec« 71X5 71X0 7090 

2-15 52-50 Mot 95 72X5 72X2 7270 

78^ 4A00MOV9S 73X5 74J16 7377 

JH75 gOOjWW 747* 74X5 71.90 

T670 66X0 Od 95 71X0 71X0 .70X0 

72X0 66X5 Dec 95 7DJB 7030 6975 

BP -soles 0000 Thu's, sates tsn 

Thu's open Inr 62X30 

HEATING OT. (HMER) 4UO0 K+ cants Mr B 
*f»wt94 49X5 5010 49X5 

5045 51X0 5030 

toXODecW 5170 52.10 51J0 

0X5 «25Jan95 I2J5 5275 51 JO 

M75 O SI Feb 95 527S 53.10 3240 

Sw <7X0 Mar 95 S215 S2J0 51J0 

K.15 4HHAOT9S 500 51 JO 51 JO 

S-5 5075 5075 5075 

g-g itSrStic 3135 SL!S 22 

|» ““ “ 

yxa 5ixs oecto 

50J3 Janto 
»J0 59X0 Feb 96 

54.90 Mot 96 

» 

^ \l35 

S BS }tS 

19JJ7 1 LOS Jul 95 1814 18.14 1814 

19X7 16.14 Aug 95 10X3 18X3 18X3 

]' 47 Sep 95 1831 1835 1827 

B3J ISX20d 95 1809 18X9 18X9 

20X0 lABDSto ’*■” 18 -” 

ibx 5 liSSU ,8JD ,M0 ll » 

1M0 17.1JMOTW 

(NMCRl 42X00 DC* 
S-2 S-iSOdto 48X0 49XS oS 

55X0 CJSNavto 4820 4890 47X5 

40X5 50X0 Doc 94 S4A5 5jiS SM5 

SIM fHS&L 95 5X30 ■**** 0^0 

g-M St.lOFabto 53XS «i ff yi m 

QS0MOT9S 

sxo 57 J9 Apr 95 58X0 5L40 38X0 

MW95 57X5 S1J0 BXj 

S6X0 S5XOx5« 

5675 usoaan 

§■■*8*8 23x»*Th u 's. w | M 6SJB2 
Tlw’sopen int 23X63 


72J0 -035 1380 
71.13 —051 27700 
72.40 -845 9X54 

714ii —0X5 4.989 
74X3 
7050 
69X7 


^ - 


=88 1 JST 



17X3 — 014 79X64 
17X7 —0.10 67 J9 
17X1 -807 50X79 

17X4 —807 34X66 

17X6 -0X7 19X60 

17 JB -OX7 15X56 
17.90 —807 9J47 

liS iSSiS 

14X4 — 807 Ufl 

18X6 -807 
1800 —807 

SIS 3& ,5M ! 

1815 -OX7 
1818 —OW 5AU 
1837 -0X7 14.935 


wS ^3* iJS 

54X1 —834 %mt 

83X3 -444 i in 
33. TO —OX7 1370 
53.90 —0X2 173 

57X5 -467 1>U0 
56X5 —072 486 

55.95 —042 4» 

SOI} — 0X3 791 

0X0 -862 263 

9tflg — (U£ 

S4J5 _ 8 B 2*0 


5 * 


Stock Indexes 


MOTto 67-0* 87-07 86-28 86-7! 
sales NA. Thu's, sates 6X0 
1 open tot 19,919 off 288 


fit-, 

EURODOLLARS (CMER) si ndDn-MintiaiBcl. 

91570 9U605OP94 94.970 94.9W 94X» 94,930 -W35BXB 

to.180 ?a no Dec «4 98330 94350 94.240 94J60 ^S?O*60 

91S80 902*0 Mot 95 94XH W.H0 93X70 93X70 -TilO 387X72 


tojx 

Imj » 

+4280 
94 xa 
■1601 




9O710JOT95 9UB 93X80 93X18 0X30 — 1302643to 
91J»Ste»W 93399 933H 91219 f£aS -Xmtaff 
91. 180 Dec 95 93X80 9X0K) 92X00 92.920 —lS|«Joi 
98750 Morto 93XW 93010 92X40 924SB -IMlSra 
92620 Jun 96 72X80 92X00 92X20 92J3D — 140109J66 


-»ta» NA. Tlw's-staes 277X51 


SiP COMP. INDEX (CMBR) w.Mb 

ii SBsggiKg^Hi 

a =» w 

MVSCCOMP.flkDBx ormn 

oi 7S13B 237X5 15835 -t«i 2X81 

P-„H SS3£!5 Ss i^ ,s 




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Reuters 
DJ, Futures 
Com-Reseordi 


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aM 8 - 


137.70 

Z09UO 

156.19 

3K94 


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13100 

ZM9.10 

15&32 










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** 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, SEPTEMBER 10-11, 1994 


Page 1! 


EUROPE 


Groupe Bull Share Sale 
sC'^lForecagt for November 




afat« li . 


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1,1 

W ‘WWT annou 

^ tBkautis,., . Rfy dgal with Motorola Inc. 

~M\> JiU; .I--" ji ..i 1 


Compte/ to Our 5toj7 from Dfsporefrey 

PARIS — Informed sources 
said Friday that the govern- 
ment would launch its share 
placement in Groupe Bull in 
November, but meanwhile, the 
company itself announced a 


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the r: ;:; 1,: :- : s 

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of Xvpk\. 

I r^mrecs ■< ’ I ' ,,n & , 5% 
W thr ' c *; -i’- 

rernten! g- iK *f' ^r. 

$s*3*> n- 'f. V," ' ' 

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seacc in \j* •' . ‘ 

HS comi Vr.\ V.'.',c " ! JIV <*■ 

too in it'.si/ : . ... j . 

and Multi "* l- - ■*> 


!- Nu.. 


Thierry Breton, deputy man- 
aging director, said the accord 
with the U.S. company did not 
presage the acquisition of a 
stake in Bull by Motorola. 

About 20 potential investors 
have been approached by Bull 
according to the sources. They 
said that “a large amount of 
thinking has been done” about 
big private stockholders in Bun. 


BuU said it had 
luded an “important tech- 
nological and commercial'* 
agreement with Motorola, 
which specializes in telecom- 
munications and semi conduc- 
tors for joint development of 
computers equipped with 
PowerPC microprocessors. 

Mr. Breton said Bull also was 
in advanced negotiations on an 
industrial agreement with the 
American company Tandem 
Computers Inc. 

Motorola and BuU would 
pool basic technologies en- 
abling the two to expand their 
product ranges in the Geld of 
Unix servers, which are power- 


ful microcomputers feeding 
networks. 

The deal was concluded be- 
tween Motorola’s computer 
subsidiary. Motorola Computer 
Group, and Bull’s open systems 
division. 

Mr. Breton noted that Bull 
was already cooperating with 
International Business Ma- 
chines Corp. on producing a 
machine based on the PowerPC 
chip, developed a little more 
than a year ago by IBM. Motor- 
ola and Apple Computer Inc. to 
compete with Intel Corp. 

The deal with Motorola will 
enable Bull to widen its range, 
he said. (AFP. AFX) 


EU Ministers Meet for Deficit Talks 


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* Bloomberg Businas News 

BRUSSELS — Finance ministers from the 
European Union countries began arriving in Lin- 
dau, Germany, on Friday for weekend on 
wbat to do about Europe’s swollen budget 
deficits. 

The EU finance commissioner, Henning 
Christophersen, said Tuesday that large deficits 
in 10 of the 12 EU countries would currently rule 
them out of the EU*s planned monetary union 
The exceptions were Luxembourg and Ireland, 
the only EU countries that have deficits equal to 
less than 3 percent of gross domestic product. ' 

The ministers win discuss whether to support 
Mr. Christophersen’s proposal to punish countries 
that fail to meet budget-deficit requirements. 

Such punishment could include holding back 


EU aid Italy’s budget deficit represents 10 per- 
cent of its GDP, while Greece has a shortfall of 
18 percent of GDP. They could be the first to 
face sanctions. 

A final decision on any action is likely to await 
a second meeting of EU finance minis ters in 
Brussels SepL 19. 

Mr. Christophersen expressed confidence that 
growth of 2 percent this year and 2J percent in 
1995 would enable “five or six” EU countries to 
reduce their deficits enough to meet targets set 
by the Maastricht Treaty. 

“There could be some pleasant surprises,” said 
Alexandre Lamfalussy, head of the European 
Monetary Institute. Stronger economic growth 
would mean some countries would be ready for a 
single currency by 1997, be said 


Germany Urged 
To Improve Its 
* Equity Culture 9 

By Brandon Mitchener 

International Herald Tribune 

FRANKFURT — As two of the biggest institutions in 
F rankf urt, Deutsche Borse AG and Deutsche Bank AG are 
usually among the first to sing the city's praises as a growing 
center of European financial power. 

It comes as something of a surprise, then, when Rolf Breuer. 
the supervisory board chair man of Deutsche B5rse and a board 
member of Deutsche Bank, joins corporate Germany's critics in 
d emanding a general overhaul of the rules that make it tick. 

The need for reform was the main message Thursday night 
when Mr. Breuer told foreign journalists that Frankfurt, far 
from being a threat to London's pre-eminence, will remain a 
relative backwater unless it improves its credibility with 
foreign and German investors. 

“Our stock market capitalization in relation to gross do- 
mestic product is 26 penrent, unchanged In Japan and the 
United States it’s more than SO percent, and in the United 
Kingdom it's 143 percent,” he said. “That shows where we 
are, namely, back in the woods. 

“We can’t measure up internationally as long as only 6 
percent of Germans own shares, a level that hasn't changed 
over the last 10 years despite the improvements we've made.*' 

Mr. Breuer cited arcane tax laws, a lack of listed companies, 
inefficient floor trading, decentralization and low market 
liquidity as among the several prominent problems with 
Germany’s financial image. 

But the main problem, he said was not the market domi- 
nance of the country’s bank and insurance companies or lack 
of adequate supervision but the almost total lack of a “serious 
equity culture.” 

Fewer shareholders are attending meetings, he said To 
reverse the slide, he said Germany needs to replace the law 
that requires big banks to vote on behalf of small shareholders 
who “deposit” their shares at the banks with a system involv- 
ing proxies, which now aren’t allowed. 

Germany also needs to end its tax discrimination against 
foreigners investors, who are not entitled to the same tax 
rebate on dividend income as German investors are, Mr. 
Breuer said and the role of German supervisory boards needs 
to be reconsidered. 


Greece Sets 
Debt Relief 
For Airline 

Compiled to Our S:aff From Dispatches 

ATHENS — Greece's gov- 
ernment said Friday it would 
take on Olympic Airways’ debt 
of 455 billion drachm as (S2 bil- 
lion) and impose a hiring freeze 
until 1995 as part of a restruc- 
turing plan for the airline. 

In a bill submitted to Parlia- 
ment, the government also 
called for a two-year wage 
freeze at 1993 levels for Olym- 
pic's 9,900 employees, forced 
early retirement of 1,745 staff 
and the e limin ation of unprofit- 
able routes linking Athens with 
Chicago and Tokyo. 

Airline unions threatened to 
strike if the measures advance. 

“This is not what we had 
agreed with the government. 
and if they insist on passing the 
bill we will certainly stnke," 
said Dimitris Tsatsoulides. vice 
president of the Federation or 
Civil Aviation Unions. “Bene- 
fits that we secured after de- 
cades of union struggle are writ- 
ten off in a few paragraphs.” 

The bQl outlines a four-year 
survival plan, approved by the 
European Commission in July, 
that calls for the airline’s man- 
agement structure to be stream- 
lined into a three-tier system 
from the current system, which 
has 14 management titles. 

"Some 55 percent of Olym- 
pic’s staff at present has some 
kind of management title.” a 
government official said. “This 
has created an enormous bu- 
reaucracy and waste of money. 

(Reuters. AFX) 


Investor’s Europe 


Frankfurt 

DAX 

2300 — 



London 

•FTSE 100 Index 

3400 

• 3300 -• 

3200^ - 

3000 

2900 — - 




a-ITT 

1994 

J A s’ ^Tm'j 
1994 

J A S 

■"Ji-BT 

1994 

J A S" 

Exchange 

Index 

Fndav 

Close 

Prev. 

Close 

% 

Change 

Amsterdam 

AEX 

413.1S 

415.34 

-0.64 

Brussels 

Slock Index 

7,588.69 

7,557.00 

+0.15 

Frankfurt 

DAX 

2.185.15 

2.172.37 

♦0.55 j 

Frankfurt 

FAZ 

S27.26 

820.86 

+0.78 

Helsinki 

HEX 

1.963.80 

1 ,942.63 

+1.09 



London 

Financial Times 30 

2,427,00 

2,454.70 

-1.13 

London 

FTSE 100 

3*139.30 

3,180.00 

-1.2S 

Madrid 

Gsnerai Index 

Closed 

305.18 

- 

Milan 

. MiBTEL 

10447 

10635 

*1.77 

Paris 

CAC40 

1.94&83 

1.38340 

-1.74 

Stockholm 

Aflaersvaeriden 

1.854.53 

1.87000 

-0.32 

Vienna 

Stock index 

462.09 

460 76 

+C-.23 

Zurich 

SBS 

938.20 

044.13 

-0.62 


Sources: Reuters. AFP 


Inum.ia"iul HcuU Tnfcuru: 


Very briefly: 


• Banco Portugu&s do Atl&ntico shares will resume trading Mon- 
day, ending a suspension that began a month ago on fears that a 
takeover bid by Banco Comergial Portugues SA would destabilize 
trading, the Stock Market Regulating Commission said. 

• Union Minftre SA of Belgium said first -half net profit was l.SO 
billion Belgian francs (S56 million), reversing a loss of 860 million 
francs a year earlier. 

• Investcorp SA a Bahrain-based investment bank, said it bought 
the U.S. supermarket chain Star Market, which operates 33 stores 
in the Boston area, for S2S5 million. 

Bloomberg, AP. AFX. Reut.+r 


Heineken Shares at a Record 


--HtU 


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ZIFF 1 Publishing Firm Goes on the Block With Especially Good Numbers IJussis. TstkcS Hard linG 

On Monetary Union 


..... 


Continued from Page 9 
changing information-technol- 
ogy market. 

Mr. Ziff, 64, declined to be 
interviewed, as did his three 
sons. Together, the sons own 90 
percent of the company. 

Although the Ziffs said from 
the start mat they preferred not 
to sell the company in pieces, 

KlUinii V'ffeftrL- people familiar with the fam- 
Aptuiu • " 5y. s plans ^ day ^ now 

Vwiua « it!:-. :i' , , - ■ Consider splitting it up. 

av that V * ■ . i . ■ : * But the Ziffs continue to in- 

amp.n.x ~ 

twrot j-.: .:! 

P ‘ 

»w .*} ! • 

v 

i*«r\ !««:.. :•* . 


fiist on selling the two publish- 
ing divisions — the business 
magazine group and the con- 
sumer media group— as a unit. 

The consumer media group is 
expecting sales of S69 million 
this year but also a loss of S13.1 


million, primarily because of 
the start-up costs of two maga- 
zines, Computer Life and Fam- 
ily PC. The group also includes 
Computer Gaming World and a 
periodic advertising supple- 
ment, Personal Computing. 

A far more lustrous property 
is the business magazine group, 
which this year is expected to 
generate S505 million in sales 
and S146 million in operating 
income, or earnings before in- 
terest, taxes, depreciation and 
amortization. The group in- 
cludes PC/ Computing, Ma- 
cUser, Mac Week and Windows 
Sources. 

But the crown jewels of the 
group are PC Magazine, the 
largest computer publication in 


the world, with a circulation of gins for the three books have 
about 1 million; Computer soared to 36.4 percent this year 
Shopper, a monthly product from 29.3 percent in 1991. 
compendium whose current is- And the flagship, PC Maga- 
sue is 824 pages, virtually all of it zine, with sales of SI 75 million 
advertising and PC Week, an and operating income of S69.4 
industry weekly that makes milli on, mil have a margin of 
heavy use of Ziffs computer almost 40 percent this year, up 
testing laboratories. from 35 percent last year. 

Those three publications are The financial documents be- 
expected to account for S369.5 mg shared with the bidders 
million of Ziffs 1994 sales. spell out a strategy shift last 
Never before have those year at Ziff, 
three magazines generated as Until 1993. in pursuit of 
much cash, in part because Ziff growth and market share, the 
has aggressively pushed up their company “set its advertising 
profit margins in the last three rates influenced by consider^ 
years by increasing advertising ations other than profitability.** 
rates and cutting production the documents say. But then it 
and circulation costs. decided to capitalize on its 

The result: The profit mar- strong position by raising rales. 




N IVTj 

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Friday’s Closing 

Tables Include the nationwide prices up to 
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Continued on Page 12 


By Fred Hiatt 

Washington Post Service 

MOSCOW — Prime Minis- 
ter Viktor S. Chernomyrdin on 
Friday ruled out monetary 
union with neighboring Be- 
larus, saying Russia bad pulled 
too far ahead economically to 
make such an alliance worth- 
while. 

The collapse of attempts to 
bring Belarus into a ruble zone 
showed the limits of the move- 
ment to reunite the former Sovi- 
et republics. Many Moscow 
politicians talk about reintegra- 
tion as a way to restore Russia's 
status as a world power, but as 
elected officials with troubled 
constituents of their own they 
are reluctant to assume respon- 
sibility for their impoverished 
former empire. 

Mr. Chernomyrdin once ar- 
dently supported bringing Be- 
larus into the ruble zone, but on 
Friday he bluntly rejected the 
idea. He noted that average 
monthly salaries in that former 
Soviet republic are only $4 or 
S5, while in Russia they are the 
equivalent of S60. 


“So we say: Now, pull your- 
selves up to this level."" Mr. 
Chernomyrdin said. "Then we 
can come to grips with all the 
other issues.” 

Mr. Chernomyrdin made his 
remarks after a meeting of 
prime ministers of die Com- 
monwealth of Independent 
States, which was established 
by a majority of the 15 former 
Soviet republics after the Soviet 
ITnion collapsed in 1991. 

The prime ministers on Fri- 
day took another slab at union, 
calling for formation of an In- 
terstate Economic Committee 
to be based in Moscow. 

■ Russia May Offer Shares 

Russia’s Slate Property Com- 
mittee is working on a plan to 
offer shares in privatized compa- 
nies to private foreign creditors. 
The Associated Press reported. 

Creditors would be offered 
the chance to swap some or all of 
their debt for certificates to buy 
shares in Russian companies at 
future privatization auctions, a 
committee spokesman said. 


Bloomberg Business News 

AMSTERDAM — The stock 
price of Heineken NV climbed 
to a record Friday as the com- 
pany said first-half earnings 
were up more than 40 percent, 
partly because of a gain from 
the sale of its holdings in a 
drinks distributor. 

Earnings were 313.1 million 
guilders (5179 milli on). Exclud- 
ing the one-time gain of 58.6 
million guilders, net earnings 
rose 16 percent. 


Heineken shares closed at 
244.5 guilders, up 7. 

Heineken said sales were 
higher in the United States, 
Hong Kong and China, al- 
though beer sales in volume 
terms were at the same level a* 
last year. Sales in Europe fell. 

Karel Vuurstcen. Heineken's 
chairman, said the brewer had 
faced competition in America 
from imports of Canadian icc 
beer. 


GROWTH: Firms Spread Wealth 


Continued from Page 9 
Chrysler Corp., MaLsushita 
Electric Industrial Co., Nestle 
SA and Canon Inc. are among 
the multinationals that have in- 
creased their foreign invest- 
ment stakes by more than 10 
percent a year during the 1990s. 

The sources of this invest- 
ment are few. and so are the 
recipients. The bulk of the in- 
creased foreign investment is 
flowing to 15 of the fastest- 
growing economies, with only- 
scraps left for the poor per- 
formers in Eastern Europe and 
Africa. 

The study approaches the 
negative results of this invest- 
ment trend gingerly. 


As investment in the develop- 
ing world has expanded, so has 
joblessness in the industrialized 
world, “creating one of the 
most serious employment crises 
since the Great Depression of 
the 1930s,” the study said. 

Multinationals' investment 
decisions are based more on a 
search for skilled workers and 
fast-growing markets than on a 
pursuit of cheaper labor, the 
study said. 

The study’s authors advised 
labor and other critics of big 
business to seek to shape the 
foreign investment trend, not 
stop it, because they said it ap- 
peared irreversible. 


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INTERN ATI ON AL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 10-11, 1994 


Page 13 

ASIA/PACIHC 





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India Signs f Historic’ Pact 
To Curtail Its Borrowing 


Reuters 

NEW DELHI — Making a 
' strong commitment to budget- 
ary ctisdplme, India's govern- 
ment signed an agreement Fri- 
. day limiting its ability to 
borrow from the central bank. 

The agreement sets limits on 
-. ad hoc Treasury bills that the 
New Delhi government floats 
when it runs out of cash. 

The ad hoc bills add to the 
central bank’s reserves, fueling 
credit that generates demand 
and inflation in the economy. 

Critics say the government 
often resorts to the bills without 
having the necessary cash to 
back up the borrowings. 

“It is a historic occasion," 
Chakravarti Rangarajau, gover- 
nor of the Reserve Bank of In- 
dia, said. 

Officials said the agreement 
symbolized the determination 
*of Prime Minister P.V. Nara- 
s imh a Rao’s government to 
check spending and inflation, 
which could endanger an eco- 


nomic reform program 
launched in 1991. 

Under the agreement, the 
government will phase out ac- 
cess to ad hoc Treasury bills 
over three years. 

The government resorts to ad 
hoc bills when it runs out of the 
cash it must have at the central 
bank to float regular Treasury 
bills. 

The pact is intended to drive 
the government toward market 
borrowing and to curb spending 
if it cannot increase revenue. 

The pact limits to 60 billion 
rupees (52 billion) the govern- 
ment's ad hoc bills for the year 
ending March 31. 

It also stipulates that such 
bills cannot exceed 90 billion 
rupees for more than 10 consec- 
utive days. 

The central bank will have 
the power to automatically re- 
duce the level of ad hoc bills by 
auctioning regular Treasury 
bills in the open market or sell- 
ing fresh government bonds. 


Thai-Burmese Accord 
Upsets Rights Groups 

Reuters 

BANGKOK — Thailand will purchase natural gas from 
Burma’s extensive offshore fields under a controversial agree- 
ment signed by the two countries Friday. 

Thailand agreed to buy 10 billion baht ($400 million) of gas 
annually for 30 years starting in 1998, an official from the 
Petroleum Authority of Thailand said 

Burma’s offshore gas fields are being developed by a 
consortium made up of subsidiaries of Total SA of France, 
Unocal Corp. of the United States and the Burmese state 
energy agency, Myanmar Oil & Gas Enterprise. 

The agreement has been criticized by opponents of the 
Burmese r egim e, who said the revenue would sustain thejunia 
that came to power in 1988 and ignored die results of a 1990 
election easily won by its democratic opposition. 

The pipeline is bong built by Total and Unocal on the 
Burmese side and by the Petroleum Authority of Thailand on 
the Thai side. 

Human-rights workers said the junta was forcing tens of 
thousands of villagers to construct a 160-kilometer (100-mile) 
railroad tine between the Burmese towns of Ye and Tavoy. 

Burmese dissidents argue that the railway line will be used 
to transport material to build the pipeline as well as the troops 
to protect iL 

The junta denies charges that it is using forced labor, saying 
all workers on the railway and other projects volunteered. 

Total and Unocal have denied involvement in the railroad. 

“Our pipeline construction will be supplied by offshore, by 
boats," a spokesman for Unocal said. “The railway construc- 
tion has nothing to do with our pipeline.'' 


■ Union Carbide’s Exit 

Union Carbide Corp. said 
McLeod Russel (India) Lid. 
would buy its 50.9 percent stake 
in Union Carbide India Ltd. for 
about S90 million, Bloomberg 
Business News reported. 

The sale represents Union 
Carbide’s exit from the site of 
one of the world’s worst indus- 
trial accidents. In December 
1984, methyl isocyanate, a 
deadly gas, leaked from the 
plant in Bhopal, killing more 
than 3,000 people. 

In 1992, Union Carbide 
transferred control of its stake 
in the India company to the 
Bhopal Hospital Trust, estab- 
lished to provide SI 9 million to 
build and operate a hospital in 
BhopaL 

The sale will have no effect 
on consolidated financial state- 
ments, Union Carbide said. The 
money not committed to the 
trust will remain on deposit in 
India, subject to court attach- 
ment, the company said. 

South Korea Set 
To Ease Limits 
On Foreign Deals 

The Associated Press 

SEOUL — South Korea is 
ready to implement a five-year 
program to liberalize interna- 
tional financial dealings. Fi- 
nance Minister Hong Jae 
Hyung said Friday. 

The program, worked out by 
a government advisory group, 
calls for the listing of foreign 
companies on South Korea's 
stock exchange as early as next 
year. 

South Korea currently has 
tight controls on all foreign-ex- 
change dealings by individuals 
and companies, mainly to pre- 
vent capital flight. 

Mr. Hong said the program 
was likdy to be adopted as gov- 
ernment policy. It would allow 
South Korean companies to list 
diaries in overseas markets and 
would permit companies to bor- 
row and invest abroad. Current- 
ly, the companies need govern- 
ment permission to invest more 
than 520,000 overseas. 

Mr. Hong said the measures 
were needed to help South Ko- 
rean companies improve their 
offshore operations. 


Port Strike 
In Australia 
Blocks Trade 


Bloomberg Buttress News 

SYDNEY — A nation- 
wide maritime strike strand- 
ed about 100 ships in Aus- 
tralian ports on Friday, 
costing shippers and export- 
ers an estimated 6 million 
Australian dollars (S4 mil- 
lion) a day and tainting the 
country’s export image. 

The reverberations of the 
strike were felt as far away 
as Japan, Australia’s largest 
trading partner. “A dispute 
such as this makes people 
think Australia is risky.” 
said Tsutomu Hasegawa. an 
official at Japan's semigo- 
vemzneni Livestock Indus- 
try Promotion Corp. "The 
Japanese markets want con- 
sistency.” 

The Maritime Union of 
Australia called an indefi- 
nite strike without warning 
Thursday to protest an an- 
ticipated sale of govern- 
ment-owned shipping inter- 
ests. About 7,000 seamen 
and dockworkers stopped 
work. 

“It is a political dispute.” 
said Laurie Brereton. trans- 
port minister. 

Late Friday, the govern- 
ment invited union officials 
to meet with Prime Minister 
Paul Keating on Monday. 

Shipowners say it may be 
the most crippling water- 
front strike in Australian 
history. 

“It's devastating,” said 
Llew Russell, general man- 
ager of Shipping Conference 
Services, which bandies 
about 20 billion dollars in 
shipped goods a year. 
“We’re faced with a total 
trade shutdown.” 

At issue is the sale of the 
national shipping line, which 
dockworkers fear will result 
in widespread loss of jobs. 
The government this year 
proposed to sell off Austra- 
lian National Line as part of 
its privatization program. 

But in late August, the 
government scrapped the 
plans, saying the debt-ridden 
company was so unprofitable 
that the government would 


have had to pay an acquirer 
to take it off its hands. 

In the past 10 years, 
unions and the Labor Party 
government have been try- 
ing to deregulate the port 
system, which is regarded as 
inefficient when compared 
with such regional competi- 
tors as Singapore. 

The government also an- 
nounced Friday that it would 
sell its 25 percent stake in 
Australian Stevedores Pty., a 
company that handles about 
half of the cargo processed 
through Australian ports, to 

f We’re faced 
with a total 
shutdown. 9 
Llew Russell, general 
manager of Shipping 
Conference Services 

Jamison Equity Ltd. for 28 

millio n dollars. 

The maritime uni on said 
it was disappointed by the 
sale but pleased that the gov- 
ernment was w illin g to hold 
talks. 

“The effect of this strike is 
to substantially damage 
Australia's trading reputa- 
tion," said Lachlan Payne, 
chief executive of the Aus- 
tralian Shipowners Associa- 
tion. 

“It’s added to a great fear 
overseas, particularly in Ja- 
pan," Mr. Russell said. 

Australia’s main exports 
to Japan include iron ore, 
coal and meat. Among the 
worst-hit by the strike is 
chilled meat, which cannot 
be stockpiled for long. 

“Irresponsible waterfront 
strikes have a devastating 
impact on our international 
reputations as a reliable sup 
plier,” said Allan Handberg. 
chief executive of the Cham- 
ber of Manufacturers. “The 
damage is long-term because 
it can take years to restore 
the confidence of our trad- 
ing partners.” 


China Posts 
Output Rise 
Of 17.6% 


The Associated Press 

BEIJING — Industrial out- 

f >ui in August rose 17.6 percent 
rom a year earlier, to 133.5 
billion yuan ($16 billion), the 
state statistical bureau reported 
Friday. 

The bureau also said indus- 
trial production in the first 
eight months of the year had 
risen nearly 16 percent over the 
same period a year earlier, io 
1.017 trillion yuan. 

The 12-momh growth figure 
to August was up from 15 per- 
cent reported a monh earlier 
and was one of the highest gains 
recorded in recent years, the of- 
ficial China Business Times 
said. 

Growth has pushed inflation 
to 20 percent, but Zhu Rongji, 
deputy prime minister in charge 
of the economy, has said that 
China continues to need 
growth. 

The statistical bureau attrib- 
uted the sustained growth this 
year mainly to foreign-funded 
enterprises and collective and 
private companies. 

Output at slate enterprises 
lagged far behind, rising only 
53 percent in August from a 
year earlier, to 83.1 billion 
yuan. 

State enterprises are suffer- 
ing from lagging sales that are 
swelling warehouses and leav- 
ing a severe shortage of working 
capital. 


Malaysian Firm 
Plans U.S. Stake 

Compiled by Our Staff From Dispatches 

KUALA LUMPUR — Ma- 
layan United Industries Bhd. of 
Malaysia said Friday its MUI 
Media Ltd. subsidiary had 
agreed to take a 40 percent 
stake in a new U.S. investment 
holding company. Asia Pacific 
Media Corp. 

MUI Media Ltd. will buy 10 
milli on shares of the Virginia- 
based company for SI each. 

“The acquisition is aimed at 
expanding MUFs media pres- 
ence in the Pacific Rim,'’ said 
MUI, which also has a 20.58 
percent stake in the South Chi- 
na Morning Post. Hong Kong’s 
best-selling English-language 
daily. (AFP. Reuters I 


Investor’s Asia 


Kong Kong 
Hang Seng 

HOOD 

100-30 . — - 

9000 


Singapore 
Straits Times 


Tokyo 
Nikkei 226 



bn — 


AM J J A S 
1994 



“• A M J 

1994 


Exchange 


Index 


J A 3 


Friday 

Close 


Hong Kong Hang Seng 


10,145.00 


A u) J A S' 
1994 

Prpv. % 

Close Change] 

10.150.30 -0.06 


Singapore 

Straits Times 

2,259.66 

2,304^3 

•0.19 

Sydney 

■ Aft Ordlnarias 

2,070^0 

2,099.10 

•0.89 

Tokyo 

Nikkei 225 

19,897.88 

1B.917.78 

-0.10 

Kuala Lumpur Composite 

1,191.86 

1,181.17 

+0,04 

Bangkok 

SET 

1,508.05 

1,525.56 

-1.10 

Seoul 

Composite Stock 

984.80 

991.44 

-0.67 

Taipei 

Weighted Price 

6,987.20 

6,928.58 

+0.85 

Manila 

PSE 

2,983.00 

2,987.63 

-0.15 

Jakarta 

Stock Index 

532^6 

532.84 

-0.05 

New Zealand 

NZSE-40 

2,158.71 

2,159.48 

-0 04 

Bombay 

National Index 

Closed 

2.149.49 

- 

Sources. Reuters. AFP 


Ink-nutu-nsl 1 fciaU Tribune 

Very briefly: 


a The Bank of Japan said bank lending in Japan fell in August for 
the third consecutive month, with total loans by all banks shrink- 
ing 0.3 percent from a year earlier. 

• Sega Enterprises Lid. is set to become the first Japanese video- 
game maker to try to go around that country's traditionally 
tangled distribution channels by selling direct to retailers. 

• Electrolux AB plans to spend $50 million to expand in retailing 
of high-end household appliances in Southeast Asia. 

■ The Philippines will chose from five bidders to develop 214 
hectares (528 acres) of land in Fort Bonifacio, a former U.S. 
mili tary base adjacent to Manila's business center. The five 
consortia are led by Ayala Land lnc~. JG Summit, Fil Estate 
Properties, Metro Pacifi'c Corp. and the military pension fund. 

• Pacific Century Group (Holdings) Ltd. has completed the take- 
over of the Singapore property concern Seapower Asia Invest- 
ments Ltd. 

AFP. Bloomberg, Kiught -Bidder 


China Real Estate Hurts MKI 


Bloomberg Business Mens 

HONG KONG — The in- 
vestment company MKI Corp. 
and its associate Chesterfield 
disclosed large losses Friday on 
real-estate projects in China. 

The two companies’ annual 
reports said they had been 
forced to write down two of 
their investments to just 1,000 
Hong Kong dollars ($129 ) each 
after having paid a total of 
233.9 million dollars for them. 

After MKTs stock doubled 


between May 5 and June 6. me 
Securities and Futures Com- 
mission suspended trading in 
the shares, demanding evidence 
that some of its deals really ex- 
isted. 

Last week, MKI said real- 
estate losses had pushed its af- 
ter-tax loss up to 107.8 million 
dollars in its latest year from 
34.4 million dollars "the previ- 
ous year. Chesterfield's loss 
widened to 203.4 million dollars 
from 1583 million dollars. 


INTERNATIONAL CLASSIFIED 


f 

GOING ONCE, 

• 

TWICE, SOLD!!! 

• ♦“ 

INTERNATIONAL 

n 

ART 

' / , , - 


’ i* .... 

-a;«. 

AUCTION SALES' 

». . % 

COLLECTOR’S 

1 '. k' : ■ : 

KPWm'ii 

f- 

' Ts * 

IN SATURDAY'S 


INTERNATIONAL 


HERALD TRIBUNE 


TODAY 


PAGES 6 & 7 


PERSONALS 




>Y THE SACRED HEART OF JESUS 

be adored, glorified, loved ond pre- 
served throughout the world, now and 
forever. 5ocfw Heal of Jesus, pray 
for us. Saint Jude, worker of mrodcs. 
ay for us. Saint Jude, helper of lha 


ANNOUNCEMENTS 


BRKM. The Amt hond-awfo suL 

Largest select ' * m SvntBtr*»d ai 

WHrBBXJ the feeding men » store. 

Bahnhofrtr. 13. Zurich 0131 1 29 50. 


IAI#tON mm RUN, STOjtXJO Brs» 

prize. Tran* European Coast » Coast. 
More mfor motion Fa* UK +**_R*23 
506183 TefcUK +44 W8S0 I. 


FEELING fow7 


SOS HELP ermine in 
11 pjn. Telr POeii HI A 1 


.. 3 pjn.- 
80 81 


KANO IE5S0N5 Professional pjwjst 8. 

ecpenenatd teacher, ftjns Uwi & 
NeuJIy. Nancy Balfour Tel T-3ff4?<78 


MOVING 


Attention visitors 
from the U.S. ! 


^ INTERDEAN 



If you enjoy reading the 1HT 
when you travel, why not 
also get it at home ? 
Same-day delivery available 
in key U5. dies. 

Cflti (1} 800 882 2884 

(in Niwim rail 212 752 3«90) 

flcraihSPSribunc 


FJLA.CT.S. The free Anglo American 

ADS coansefog & treatment suaxxt 
unites spouses, partner* and friends al 
persons HIV. + lo meet friends of 
PAACTS Monday 12 Seal, American 

Cathedral, 23 Gnome V Pais 8ft, 7pm 


ALCOHOLICS ANONYMOUS Engfah 

doily. Tel: fXS 
59 65, SOME £18 033), 
5974245. 


BUSINESS TRAVEL 


BUSMESS * 1ST Oas* fores from 
Europe to US A C onodo-For East- 
Mdm East-Amtrt4o5outh America 
Contact Bfeewheel Travel. London on 
Tel 081 202 2080 Fw 081 202 3839 


1 NANNIES AND DOMESTICS 



Uie owner laden Ageeqi br tow «c 

* MJR5EHY NURSES 

Jtori or long term eenbad*. 
for UdbA rffa 

pOSmONS AVAILABLE 

oofMenc soumow agency 

The spebofefe for Butiers, Charffatn, 

W(2fl71 589 33ffl Fax(«J 71 5B94966 


Housacrae. age ib- 60 . Kwp 

tome and nMtw 11 y«r boy 
m enhme for room ond bom? 


smSlS^ n«d nor ipeok 

a 


POSITIONS WANTED 


NA1MES & ou pan from Britt" B- 
cedent roforenco avaHtfe ta Confe 

met Tronxantmenkd 081 (^^344/ 

36C6 to 08! 650 5645 be 5EB2BB 



FOR A FREE ESTIMATE CALL 

211070 

89 93 24 
961 12 12 

652 31 11 

238 54 00 
, 1] 59 920 

Wl) 17 05 91 
759 22 85 
85 67 44 
2001 
343 85 30 
762 46 67 

961 41 41 

671 24 SO 

B77 51 OO 

141 50 36 
39 20 14 00 
865 47 06 
52 31 87 
945 04 00 
31 30 30 
4971337 
620 48 19 

EASTON TOO 



BBjGRADEI 

BUCHAKBT 

BUDAFBT 

MOSCOW 

PRAGUE 

WARSAW 


ONE NAME, ONE COMPANY 



nh 

MOVING 



A-G-S. PARIS 
a 

A.GJS. BRUSSELS 
A.G-S. aatiwr 

A-GlSJ 

A-GlS- «agu| 
A.G5.WARSA1 


HQME5MP. Sand 8 medium m two, 

baggage, an vntdwide. Gd Chart* 

W8tff42 81 IB 81 |neor Open* 


BUSINESS 

OPPORTUNITIES 


rampefeto* to I 
hotels, feply to 


no +3*53827374 


2nd TRAm DOCUMENTS Dining li- 

cence* GNL 2 PerHeous. Voufcoaen, 
Athens 14671. Greece. Fat 8962152 


44 81 741 1 224 Fax.- 44 81 7*8 6558 




31-7161 2744 


CAPITAL AVAILABLE 


FUNDS AVAILABLE 

FC* 

ALL BUSNSS PROJECTS 
OR FC* 

LETTBG OF CREDIT 
BANK GUARANTEES 
OTHER ACCEPTABLE COUATQW. 

Broker's comn&on guoicmteed 

Hi isfe m MJJ.KJL 6 Qe 

FINANCIAL INSTITUTION 

Braaob - BELGIUM 

Information by hs 32-2-534 02 77 
or 32-2-538 <7 91 
TREX: 20277 


FINANCIAL SERVICES 


FINANCIAL SERVICE 
Adventure Copitd s any type of rail 
cofjtol made by ndhriduak and firms. 
Now listed even more in the FACT 
REPORT as we keep on - for YOU! 

52 Names! 52 AdriasesJ 
5? Phones & Fat ■ Tfel 
103 doges of gsnerd wed forms and 
appfkarioni. Lettera, names and 
"Guidelines" used byt “lenders or In- 
termedwries'' which you should avord 


PROJECT FINANCE WANTED! Very 

profitable nvestmanf eepsrtundy for 

real emote in Being, CHINA. Etynty 
parhdpohOA welcome. Inve stment. 

G^imcoaswaan. ofi 

flucnrteeiA* For PROSPECTUS 
wtfh your Fiji address by FAX: +81-6- 
357-480 4 Anqehvny Ltd. (Japan) 


CLASS A BANK m tax free venue wilh 
udmristruive services aid estobSshed 
and securities accounts. US 
Immediate transfer. Cdl 
Canada tfW) 942-6169 or Fa. j 
942-3179 or London 071 394 5153 
FAX 071 231 9928. 


2ND CITIZENSHIP AVAILABLE 

100% legal naturoSzoMn. 


deSvetv m 90 days. Invest- 
ments starts cr SIP-300. Ful protection 
of your fundi, No payment unless you 

receive your downerfe. Swiss laved 

It* Fa ft + +3130^30416 


NEXT SPE CT AI HEADING 

ItrAr ESTATE W ANtl ArOTINP B^mIH 
will appear on September 23. 

Fitr ipfnnnniinn. rtmlail vmr lot-al HIT 
rri»ri*srnlnliw or in I'an*: 

Tel.: M> 37 93 $5 - Fax: -M> 37 93 70 


TREASURE/ GALLEONS, mere than 
10,000 tons in vmdih lost e Sporush/ 
Portuguese weeds for 300 years. New 
laws tAow then lo be leecvwed. 
Corral « needed. Further tr fo rmainn 
by fan (+349 427 5051 Mr. Claude 
tarfogo. 


WEARELOOHNGFOR 
5000 NUOraWAVE OVBO 
MBI A WARM UP ONLY 
Foe +41 56 94 00 43 


We m looking for 
REMAMNG STOOS 
al any kind af goads. 

Send offers to: Foe- +41 56940043 


HONORARY CONSUL Appfastnro 
tods by eeonomenDy muxxlonr E»- 
US5E oourary now ertobfenng world- 
wide dfoionwfic network. Write to: PO 

Bos 30, 0*6340 Boa., Swraerlcnd 


logoi 2nd Travel Document Dtpfo 

mew opcombuents, Bgnfana Arjve 

PWtahons, NeJtoU. 1 2, Qf- 6340 
Boor Swifc. Fa* +4142332342 


Bonier report but an ahemarive lo save 
Money m o World of Finance darkness 
and Medb heedem": Swiss Banker 
"Thanto. Vow Fax) Report fust saves 
me 564,0(0 rearing the pages 12 to 
23': J-P-Fronce". and 82 more letters of 
appreoationj NOTE! The Isfed Adven- 
ture Caprtotst ore rtor loofeng lor ether 
"Broken - ! Please refrain to apply « 
oik for "Britons, Arbitrage seM- 
SqwrWwnetd 

Ths a a Report af FACTS! Mot for 
Bffion'c requests! 

Orderf orm by fox ro ow mad other* 
MTE9MX BUSINESS MEDIA 
Fax.- (o) 66 2 258 3691 


Raid Leaden charge no fees! Here is 
lha Is) of 48 red fenders aha tmesi- 
on of 239! ads in 23 Nfwspq y il 
_ i - * worry the Report is cheaper than 
useless phone or fax osfls! Order farm. 

Interfax business mehac 

Fas: (xx) 66 2 258 3691. 


REAL ESTATE 

FOR SALE 

FRENCH PROVINCES 

NORMANDY, NEAR HONHEUI TSffi 
ceiAvy ie*t«xed Vicaoge n 1 ha 
endoted grounds w«h stream, 4 beds. 

3 baths, very cfejrmmg. F2JM. Tel 
SARATOGA, DoauvAe »31 B7 14 14 

FRENCH RIVIERA 

SAINT TROPEZ 

Exufuisitaty Restored Luxury Vila 

5 mm waflutig rfsUKe ficm tee port 
vo in landscaped go den 
wnh superb swmmnci poo! and 
ponoranc dews am Oodd and Bay. 
Spaaous kvrg and rinmg room, 

5 bedrooms wife bttffeoara erviute. 

For safe fully furndhed. 

Viewing by appointment. 

Cdl Owner tend (weekdays) 
(33.1)47.2026.61 
or fa* (33-1 ) 47.20.25.09 

PARIS & SUBURBS 

CHAMP HE MARS 

PENTHOUSE DUPLEX 

Hgh terfi houry. spoaovs Tnnng S 
rifling roam, 3 bedrooms, 2 bade owns, 
ar-condihonmg, hammom, maozi. 
prmsn Tift, targe landscnped terraas 
«nte panoramic views over Effd Tower. 
CaB Owner (Bred (weekdays) 

J 33-1) 47-20 26.61 
or (fox [33-1) 47 JO. 25 M 

RUSSIAN REPIFBUC 

MOSCOW SUBURB, 7700 
beautrful lend, near river, 25 minutes by 
cor from taemin. Very secure , m the 
most prestigious dattha pork. For info 
TeL ffiV.'O 3514 cr 209 06 40. 

SWITZERLAND 

rm LAKE GENEVA* 
slm MOUNTAIN RESORTS 

Sate to tattom avihonied, 
nor tpedtJUy sirxtc 1975 

cetod PROFKTB A CHALETS 
m WONTKSJX. YRLABS, G5TAAD, 

IB DUHBE1S, vans. 

CKAN5-MONTANA. ek. T to 5 Iwd- 
rsaeis, 5Fr. 200,000 lo 3 J mm. 
KEVACSJL 

52, MontbrHknt, CH-121 T Geneva 2 
Td 4122-734 15 4a Fax 734 12 20 

REAL ESTATE 

TO RENT/SHARE 

GREAT BRITAIN 


CS4T1AL LONDON 
WSan Scsnpiors A Company 
Short and Lang Terra Ranhds. 


Anariaai Exaracs 

Teh (44)71 636 6899 
Fox [-44) 71 636 6855 


FINANCIAL 

INVESTMENTS 


WJUJJiLA. br. 

Iisermedforin for Corporate! Loans 
P.B.N. s i nun mini amount 
USS 50,000000 or frowns 
maximum amount USS 15000000. 
No up-front payment 

Enquiries » hx (31) 206247044 

P.0 Bax 15429. 

1001 MJ AMSTERDAM 
The Netherlands 


LONDON KHSNCfTON, WIT 1 ran 
lube. 1st Root apartment. 2 beds. 
Woe. modem fatchm, a-ntrol-heal- 
ma. Bfc/«eeL Teh UK 71 229 4787 



ITALY 

HOBH H 

PARIS AREA FURNISHED 

74 CHAMPS &Y5EES 

CLABIDGE 

FOR 1 WEK OR MORE hgh doss 
sturio.2 or 3-room imannuwi. FU1Y 
EOUS+SJ. LMMEXAlc RESf WATIOTC 
Tek (I) 44 13 33 33 


ly.T ■ J : 1 li.'l 3 U ; t tt o : k* 1 



Ik >1 J'ttm'i l ff.Y ■ M 

KUNGUAL AUSTMAN MVESTMBiT 
BAhKBI, 30, seeks dtoHengno, well 
rompsnsofed opportunty in Western 
Europe fnotvGermon speefong coun- 
tries or AustrtAa. SeekmB new dxd- 
lenge oubde Entoig lodor, e.g.: Art. 
Efeeriaieiiail or other. Eduafion in 
UX. MBA in Economa m Vienna 
Exeattive experience in Corportoe fi- 
nance, M&A and Busmess Develop- 
merit in Central Europe. BAnqud 
German/Enriah. some French. Fax; 
AUSTRIA. To fl) 513 13 B23. Ref. 
Ml IL 

GENERAL POSITIONS 

wanted 


pipl 


GENERAL POSITIONS 
AVAILABLE 


RUNCHi VERY FLUENT MANDAW4. 

5 yours in Chino, seefe to represent 
company in China. Fax: 853-8134997 


OfflCE ADMINISTRATOR 

Mayor to tech U5. company icon to be 
fcased in Rotterdam, the Nethericnds. is 
seefang an Offer Admxustrator to Mp 
nm & grow the office. 

Tfes individual wil be resportvWe fex 

trawl arrangements, banting cocrdra- 

lion, telephone answer nta ''routing, 
appointment idwduLng, & other crfccol 
office ooordntmon duifes- 

Exce fcm Engfish written & ve»bol sLJJs a 
must, a waB as traditional office sUb. 

to xidude PC usage & database lonl- 

xjrrty. Sdbry ccmmensuraie with evpe- 

nenen. Send your resume, references, & 

sdory history immedmety to. 
BOKD-419 

tat ensafand Herald Tribune 

850 ThM Avenue, Bib Boor 

New York, NY 10022 


AUTO SHIPPING 


SAVE ON CAR SHIPPING. AME5CQ, 

Krbbestr 

LB. , 

hotel 


AUTOS TAX FREE 


TRANSCO BELGIUM 

The largest cor export ctmpmry 
m Europe for foe past 20 years. 
An mokes and models. 

Export soles-registration 
Slxppng - insurance 
European. Afnaxi & U-S. specs. 

Ttmco, 51 Vasse-sdtijniiT.. 
2030 Anrwtrp, befonmu 
TeL 03/542U240. fox 03754ZJB.97. 
tefcx 35207 Trans B. 


new TAX-FREE need 
All IEAD1NG MAKES 
Same day recpticriion passible 
renewable up to 5 years 
Wn etet rogoter can wrth 
(expired) foreign (tax-free] pistes 

1CZKOVITS 

Alfred Esther Street 10. CH8027 Zunch 
TeL 01/202 76 10. Tetec;B159l5. 
Fax: 01/202 76 X 


OCEANWIDE MOTORS 

Sane 1972 broken for Mercedes. BMW, 
Porsche, GM & Ford. Worldwide 
delivery, re ad rolmn & shpmenf 

ocmTgsimany 

TerstewenSb B, IW0474 Duewektorf 
TeL fflfjll ■ ««4<5. Fax: 4542120 


AIK WORLDWIDE TAX R& CARL 

Export + shffxng + lea n t! afion ol 

new & us ed cars. ATK Tenenddei 
40, 2930 Brasschaat. Beforum. Phone: 
“ ‘455BE; Tefe* 21535: Fax: [3) 
109. ATK. once 1959. 


BOATS/YACHTS 

PRIVATE YACHT CAPTAM 

Socks employment on poweryadit 

120 +. fifteen years experience an 
private yachts. Well aver 1000.000 
_ miles completed 

fleirves owner s pfeeswe aid 
enjoymem is mam purpose of yadit, 
run with sound financed atrraoL 

Tnb+44 (0)372 463549 

Fa* +44 (0)252 702498 

LOW COST FUGHTS 


WORLD AVIATION - SOHXJlED 
FIIGHT5. 1st. busmea, economy of 
knvat fores. Tel IrT Pans niC0ta751 

RESTAURANTS & 
NIGHTCLUBS 

ANIMALS 

SUPERB imH of smooth coated Jori 
Eussefl Terriers fat safe. For further 
information a* 44 SABI 947 3065 or 
Fa* 44 {0)81 044 7270 

ARTS 

EBB 

COLLECTIBLES 

DAU WANTHJ ■' 

Prints (Suites) Wore 1980. HIGHEST 
PHCBrCtiffra Patrick in US. 24 hrs. 
Pfe p!0| 459-8883. Fax- (310) 454.2090. 

IMI 1 Mil 

pplii 


See our 

Arts and Antiques 

eve 7 Saturday 


FRIENDS HIPS 


r 


• WORLDWIDE EXCLUSIVE MARRIAGE AGENCY < 


FUNDS t SCUOXB) 
USS2P^^H 


_ 1 no AGAINST POME BAfX 
UC FAX.- Germany |49]Q841 480 7»5 


SERVICED OFRCES 


BRUSSHS - BELGIUM 

Your office & al sarvim 
Tnl: 32-2-534 85 54 
Fro 32-2-534 02 77 


EXCLUSIVE IN MUNICH 

gabriete thiers-bense 

Fax: +49 - 89 - 6423455 - TeL: +49 - 89 - 6423451 

THE SUCCESSFUL- 


"ITALIAN CAPRICE..." 

AGAIN ONE OF THOSE UNBEUEVABIE LEADING CASES! WOMEN- This (finds THE SITE. 
Member of dw 



SOPHISTICATED INTRODUCTION 
TO THE BEST 

IN INTERNATIONAL SOCIETY... 
THE ELITE... 

SUPREME COURT JUDGE - CHAIRMAN 

'around' 40/6'4‘ ■ AN 017T5TAND»G PERSONALITY and MOST 


Board, DS. wfflh a US MUtT&JATIONAL COMPANY - 40/57* lafl, REMAfiJCABlE MAN af n^KteUe integrity md fetsrlea oppoock He has travefled 
ilin wDh die natural berndy and tHat geruine deaonce, which mety anfy be pmett- extern rrefy ihrouohotd Ine world and — m oddriion lo fl wel deve l oped sense of 
WSHCATK md DBwfflKG ITALIAN WOMWU Sfte is readenf humour — he is venr de&Wy a ONEWOMAftMAN who, hqdng atoed high 


led by a— SOPfBSIlCATE# u« UIIWWIW imunn nuwn-: JiK *» low* jwiiiuui -i»g waw uc May u -my .m*. 

»i me European counlriei as w«B as (he US. Her fortunede sioafion aim* hm lo horwen in various Wds, now tvidiK to find a watderfu wife who wil 
be completeiyindepemienL FORMAL APF1KATI0N5 ARE EQUESTCPNWRTWG! mate o tool antriAMrf FORMAL AWWJKXC ARE REQUESTED W 
ff YOU ALSO ESTEEM WAMTIONS, BfTICS AND MORAL VALl^ WE Wll BE PUEA5ED TO RECHVE YOUR APPUCATIONL 
Daily TO-19 hr*. P-8TS45 MOnehcm/Cwmany Harffiavsw Sir. IO-B By appot'nfm«nt 

For responsible people __ 


Being Relocated? 

Then don’t miss the 
Real Estate Market Place 
every Friday in the Trib. 


FRIENDSHIPS 


OO 


SOUND 

INDIVIDUAL 

CONFIDENTIAL 


Edith Brigitta 
Fahrenkrog 

INTERN ATIONA LP \RTNERSHH»-\GENC1 
GERMANY - FRANKFURT / MAIN' 

Sir VfcS_ 7n A PCRTTNfRSHIP, 

MA1TIIN3 ne RIGHT PABTNERSO 
Ml BL'SINESS. ITJISON \L INIHMDL’AL 
ASSISTANCE IS MY SERVICE 
CONFI PENCE IS VH irCHEST PWCiRJTY. 

Y<«' CAN RFACtl ME D-MLV: 3-7 PJkU 
(ALsriSAT/Si'N) 

GERM ANA'. 60.1 1 6 FRANKFURT / MAIN 
ELKENBACKTTK 51 

Tel.: + 49 -171 -245 52 52 
TeL: + 49 - 69 - 431979 
Fax: +49- 69- 43 20 66 

PERSONAL APfOINTMENTA 

ARE POSSIBLE IN: FRANKRIRT 

NEW ItIRK - LOS ANGELES ■ SINGAPORE 


O A FASdNAUNC COSlOfOLfl AN LADY (NEW YORK) . . . 

A SUNNY BEAim WHO LOVES LIFE, wmt FASCINATING CHARM AND 
CHEEHFW. NAT1.BE tEAPlY toSrl.tot AN ENH I. ANTING BLONDE LADY 
WITH A AK. 'PEL-LJKE FKiURE. FEMININE AND REFINED ELEGANT OUTLOOK. A 
MANHATTAN BASED SUCCE55FVL BUSINESS WOMAN iMBAI WITH OWN 
INTERNATIONAL COMPANIFS SHE IS LIVING IN WONDEBA1 RESIDENCES ON 
THE US EAST AND WEST TOAST. A PERFECT HOSTESS BIT FAMILY LIFE 
REPRESENTS THE MOST IMPORTANT VALUE TO HEM SHE LOVES TRAVELING 
(HAS BEEN IN EUROPE FOR A LONG TIME ■ PARIS. ETC I AND \L5" SPOKT3 

activities: sailing, horse rimnc. tennis a very warm hearted ant 

GENEROUS LADY W1 IO DESSES A MARRIAGE WITH THE AD6W ATE PARTNER. 
PLEASeCAU: OO CERHUNY +49- 171 -245 52 ?2 rai +49- M - 11 19 T9 

O INTLSmsniL AMERICAN BUSINESSMAN . .. 

EARLY Hrsrl « AN INTL WELL KNOWN ANL> VERY SUCCESSFUL 
ENTREPRENEUR. A YOUNG CHARMING PERSONALITY WITH AN 
ELEGANT APTCAIIAKCE. ATHLETIC AND MASCULINE HE IS INTERESTED IN FINE 
ARTS. ANTIQUES AND V,\RKX'S SPORTS. WTH MARVOUVS RESIDENCES IN- 
CANADA AND ON THE US WEST COAST HE IS A SERIOUS AND GENEROUS 
GENTLEMAN WITH A YOUTHFUL SPIRIT. A GREAT SENSE OF HUMOR AND \ERY 
CORDIAL. HE WANTS TO ENJOY THE PLEASURES Of LIFE WITH 71IE RIGHT 
WOMAN HE IS LOOKING FOR AN ENCHANTING PARTNER WITH CLASS AND A 
COMPREHENSION FCRHG BUSINESS LIFE. 

PLEASE CALL Q0 GERMANY* 49- 17! -245 52 52 o« ♦49-89- 43 1979 


SUCCESSFUL GERMAN MEDICAL 
doctor, kvra near Munch, 45 yeas, 

1J0. «Sm. tandwme, dork har with 

town eyes. He a a chortling aid 

genet lmb genfltman with a youthful 

sprit, a good sense o I humor ad a 

3 warn heat. He is abo gentle. 

gem. sensifiw end roraonsc a 
fashionable dresser wilh an eiego n t 
and sporty appearance who files a 
great fcfosfyie. He flies safeig. tennis, 
musto and movtei He a looting far a 
dun and pretty lady who wants a 
serous partnership with trust, under- 
stating and tenderness. Reese send 
pforto phone na to Sox 36??. LH.T.. 
riednchstr. ?5. D-40323 Frantfon,- 
Mein. Germtxiy. 


SUCCBSFW, SNGlfc nice, heofehy. 

generous trtjt busmessmon wUh sense 

of humour, 43, seefo lady IB-30 
tender, romans*, very sfen, petty 
hat, student-toe to shore fasonatmg 

He raid fiequem long ristonee travnk. 

In adtfiton. ^amauraia job offered in 
fetoan. Write weh photos to Box 351. 
W.T. 63 Long Acre. Lcnfon, WC2E 
9JH 


EUROPEAN MARRIAGE BUREAU 

GenfidenticAty. Bntah Management. 
REPLAY INTT, CoUdlono, 93 - FWa J 
28046 Mrxtid, Span TeU4-1556.i4.Z7 
Fax 34-1.5M.9957 / 361.4052. 
taformation 24 hrs, Te+ 34-1-355 W Jb. 


ATTRACTIVE SCANDINAVIAN lajy, 
79. I cm sneere. tefi 6 rim I’ve aot 

long fe^ & tog beautiful iwqucae 

X lm looking for a smeHre man 
wil ike a sreere lovmq & brow 
Bful refationsfop. Tel London 44 [Op 1 
581 9448 at wme to PO Box 477, 2 
Od Brompion Ed. London 5W7 JQQ 


YOUNG LADY, aged 35, dnumxshed. 
sporty, rim tall, nom a well-off fam- 
iy. seeks English gemtema writ the 
son* praHe, ogea between 45 8 55. 
Reply with photo to Bax 3700. I.H.T. 
92521 Neufly Cede*. France. 


ASIAN LADIES seek merr™. Detrah. 
1CEBKARBS 545 CWwJRd, |(W3 


SOULMATE [The Right Oner] bdusve 
ogMtcy for partners. Please wnte to. 
Soulmnte Suite 501, fell House. 223 
. fr9g»S. london W1R SQO Enqhnri 

POTTY WOMAN, 37, bom Mu» 

taiHaftnto dtoro 'eneonirer Monunir 


YOUNG HNGIg WQWDW1M teH 
htenasrltemates. Free riot Hrm- 
_ Box HOtflQ/E, D- 10836 Berim 
WANBE WRITS H m Ptro 
wou« Lite to ttwet a mce woman. Bax 
3690. WT, F.V2521 Newly Cedex. 



























































** • 


Page 14 


NASDAQ 


_ Friday’s 4 pm 

Thte fitt compiled by the AP. consists o! the 1 ,000 
most tradad securities in terms erf dollar value. Hb 
updated twice a year. 


KMonfti 
Wod Low Stock 


By Yld P6 laos High LwIjMiOi'h 


18ft * AAONs 
SWla ABCRoB 
3D,, 14ft ABT Bid 
M'AITOACCCP 
24 fHACSEns 
« 30V.ACXTC 
474631 ADCTM 


17% 10% AESChn 
""IAESCds 


EftlSft . 

E. WftAKSeei 
29% 15 1 .', APS Hid 
15% Aft ASK 
5 IS AST 
wViU^ABoeyH 
31% 12ft Acclaim 
37% 13 AcmeMet 
20% 7V.ACW 


14% iftAdacLO 

33% 1 


34% M'AAdebeSv JO 
J2W IVtAOvPn 
11% 4'AAdvTIsa 

26’S Aduontc S JO 
38 Vi 35 AdVOTlBS J4 
16% 10 AanCOB 
14% SHAaoum 
14% i ft Air Mein 
63%d5HAk» 

21ft V'AAMntCC 
38% 18 Aftxmk 
19% 11% 

38% 23 AlexBld 
19ft 6%AncnR 
39, 1'VuADASem 
13% TftAlianPh 
19 7HAbiS*fnl 
33% 32ft AOledGp 
22 V, 13% AiHHkJo 
34’'. i Alena l 
35% 7ft AtohaBta 
39V,3lftAnera 
MWlOHAItron 
93 47 AmerOn 
30ft SOftASnKr 
1®V) 13ftAC!raVOV .16 


_ 30 1883 13'/] 

483 19>V* 

_ 18 144 14% 
•12a .< 13 3455 19% 
_ _ 155 13% 
_ 30 41 33% 

_ 31 2944 sm 
-. SSI 11% 
■Mt 4.0 16 1101 17ft 
_ _ 1430 30ft 

- 14 1348 38ft 
43 13 

- 1117107 14% 

- 34 497 18% 
_ 2017001 19% 

_ 9 43 34ft 

_ 32 1E89 10% 

M 4.0 B 143 8 

_ 17 8447 19ft 
_ _ 71 13% 

A 1® S 37ft 
.7 27 5700 30ft 
_ _ S3 5% 

- _ 4704 7% 

A 14 3944 37% 
2 16 734 30% 

.104 A 57 319 13% 
„ _ 3« 12% 
_ 403 3% 

lJ4e 2.9 _ 512 41% 
„ „ 290 13% 
AO 1A 13 474 26% 
_ 22 519 12% 
-B8 U 17 136 2fli 
_ 30 5871 1121ft 
_. 14 442 TWy 
„ _ 2785 ?ft 
_ SI 1106 l*ft 
AO 2.1 7 132 S9ft 

- I 142 16ft 
_ 1098 IV* 


_ _ 343 12ft 

_ 22 B703 30% 

... 13 190 15% 

■Ole 104 1725 80% 

.72 3.1 9 171 23% 

A 52 829 19 


33 lOV, ACoUoJO J4 1.7 19 163 14ft 


24% ISHArnFrafH 
34V,25?.AGrWtS J6 
34ft JftAHlmcpi 
27ft 15W AMS 
17ft 6'iAOME 
23 13% AmMiiSaT 

Xft MHAPwrCva 
3V V. 22 ft ArnSupr 
27 lSHAmTok, 

17ft 10% AT rowel 
14ft 7V»AmerCos 
26ft i9<-. Aimed 
57% 34*. Amgen 
15 5 Amrton a 

33ft B'AAimchf p .08 
16641 1*4 AnenBOJ 
19% iD' aAncncm 
49 19% Andrew 5 

21% 13 Andres 
38V] 18 Vi Amec 
38ft 22 Applet 
lBftll ApiSou* 

25% II ApSebe* s JM 
25 13ftApdDofl 
33 liv. Apdlnov % 
54ft28%APKlMrs 


_ 31 241 34% 
1.9 16 1176 29% 

- 13 545 8% 

.. 20 876 24% 
_ 13 358 8% 

- _ 44 16% 

_. 28 SSW7 19 

- „ 44 30 

_ _ 134 14% 

- 12 1201 17 
._ _ IT Bft 

J4 Ijg 23 163 24% 

- 1913964 53 
_ 18 1 55 7ft 
.B 12 421 10ft 
.. JO £25 Id 
„ 17 345 IB 
_ 32 728 48% 

- 10 256 16ft 
_ _ 2301 36% 

AS IJ 2213998 36 
' .1 40 750 16ft 

2 37 2543 19% 
„ _ 138 20 
■ n m ib% 
_ 22 7317 49% 


21 16 ArborDro J4 1.2 21 445 20ft 


25 lTftArtxrHt 
19 ITftArcnOn 
35ft 26% ArooCp 
Eft IJ'/jArcosv 
15ft BftArkBast 

37% 16% Armor 

Eft 18 Arnolds 

246', 7 MMI 

13% 7ftAshwnn 
46 34 AspdTl 

34ft 22 AsdCmA 
33ft 21 >4 AsdCmB 
70W11 Asecs 
34ft27%AsmiaP 
38ft21'A AltSeAlr 
30% 11 Abnds 
26ft 15ft AuBon 
9V U 4% AuroSv 
12 ThAuspex 
66 37 Autodk 
34 V. 73% Auto) nd 
2®ft ISUAUtOtDts 
35ft 16 AvidTeh 


_ 23 376 20% 
__ 285 lift 
1.16 3.9 9 97 30 

_ IDO 29B 16 
.04 J 21 3481 13% 
.64 :lq l® 78 21% 
AO 2.1 18 61 20 

_ 1310376 13ft 
„ 21 1347 9% 

_ 27 1921 39ft 

- 1263 50 247. 

-.1250 1 25 

_ 11 619 13% 
__ 1171 33 
J2 U 17 3179 27’A 
_ 2820674 29ft 

- 27 119 17ft 
_ _ 3768 7>'% 

- 15 306 5% 

A 24 3277 62ft 
_ 17 503 26ft 
_ 41 7438 19ft 
_ 30 908 35ft 


AH 


12% 13% * ft 
19ft 19ft — Vu 
H 16ft *ft 
17% 19% +1% 
13 13 

32% 33'A - 

42% 42%— lft 
lift lift —ft 

17 17% — % 

»W 30 —1ft 
28ft 28% —ft 
13 13 _ 

13% 14 —ft 
17% 18 —ft 
18ft 18ft— 1 

24 J4ft ♦ '* 

9ft 10ft + ft 
7% 8 *ft 

18 19ft +1% 
13ft 13ft— 1 
37ft 37ft * ft 
29% 30ft — % 

S% SH *«• 
6ft 7 + ft 

31% 33 
29ft 30ft _ 
13% 13% —ft 
11% 11% —ft 
lift* 2 —ft 
61% 61% —ft 
13ft 13% +ft 
25ft 25ft —ft 
12% 12% —ft 
25ft 25ft _ 

19 20ft +Wi| 

2Vu 2V„ — V- 

8% 9VU — fAi 

29 2® „ 

16ft 14ft —ft 
IVU 1ft — Vu 
lift 12ft + 1 
29% 30ft — % 

15 15ft — % 

74% 79% _ 

ZPVu 23ft * ft 
lift 18ft — % 
14% 14ft - 
24% 24% — % 
28ft 28ft _ 
7ft 8ft —ft 

23 23ft— 1 ft 
8ft ift —ft 

167. 16% 

>8 18% —ft 

JO 30 - 

13ft 14% eft 
16ft 14ft —ft 
Bft 8ft —ft 

24 24 — % 

51% 51ft— 1ft 

7% 7% — % 
10 10ft - Vu 
fift 16 

17V. IB 4% 
47% 48 — 1 % 

15% 16 *ft 
35ft 34% —ft 
35ft 35% —ft 

16 16ft _ 

10% 19 _ 

1916 T9ft —ft 
17% 18 — % 

47% 48ft —ft 
19% 19% -. 

” J6* —ft 

SfcS ;tt 

13H13"/i, * ft 
21 21 _ 
19ft 19ft _ 
11V. lift —ft 
8% 9% + % 
37ft 38ft —ft 
25% 25% — l 

25 25 —ft 

13ft 13% _ 

32V. 32% —ft 
26% 27 —ft 
28% 29% +ft 

17 17% —ft 
7 Vl. 7Vu — Vu 

5Vl 5%-vS 
61 61ft— 1 W 

25ft 25ft— >Vu 
18ft 19ft *% 
34% 35% —ft 


34 28ft BB&T 1.16 

35ft BftBHCRlS -01 
24ft J6 BJ5Y5 
71 40%B4ftCSn 
30 ft 11*. BMC WlS 
27 15 BW1P AO 

29ft 8ft Baboo* 

22% 15% Baker J M 

S IOftBoivCm 
%28V.BanPonc 1.00 
7*ft 57ft BcOnepfC ISO 
45ft 24ft BncCoHc JOr 
26ft UPuBandEC 
21 % 12% BkSaum 
38ft 31% BOO 10 
26ft 12ft BcnvnSr 
19 12ft Borens 

T^SHS 

65% 43 V. BayBkS 1JU 
35ft 23 BcdBatti 
28ft 27ft BellEICP X JO 
15 1 /. 7 BallMIC 
49ft 18%B*ll5Pt 
8ft SftBamOG 

- 

27% 13 BestPwr 
13ft .14 

Oft 27% I 


J2 

J2 



13% 8%E 

lift 8%t 

Sft?$Sf 

VB 

25ft 14ft E 
14ft 6ft £ 

14ft 7ftE 
15ft 4fti _ 

52% 11 BrabdTc 
59% 31 ft BrodSI 
21ft 9%BraGour 
UftlOftBrTwn 
lift 6ftBninM M 
27ft 15ft Buffets 
iBftiiftBuikrr 


3.9 9 488 

A 7 17 

_ 25 190 
_ 19 6249 
_ 12 1238 
22 201 X831 
„ 31 489 
J 12 352 
-. _ 1521 
3JJ 10 142 
5-7 „ X376 

1.0 _ 2423 
_ 17 510 

i8 11X1242 
13 16 250 
..116 521 
J 21 69 

~ 38 1025 

- - 720 

3.1 13 995 
.. 40 1897 

1.1 17 870 
.. 17 342 
_ 16 4889 
_ _ 653 

U 17 1566 
„ 19 170 
„ 11 57 

„ 15 184 

4.1 10 1161 
1,4 18 312 

_ 34 35 

-558 519 
_ _ 2152 
_. 90 4209 
... 32 1497 

- 41 465 

- 71 472 
_. .. 1026 

- 60 2306 


-204 1099 
2.7 2025966 
_ 25 3598 
_ 19 560 


29% 29ft 29ft —ft 
1B%, 10 10 —ft 

71% 91ft 71% * ft 
44ft 42ft 43ft— I 
19% 17% 17ft— 1 
18% 17ft 18% +% 

12 11% 11% * ft 

21 20% 20% —'A 

13 12ft 17% —ft 

33% 33 33% _ 

63 41% 61%— 1% 

32% 31>Vii 31ft —ft 
26 25ft 25ft —ft 
19 18ft IfVi —ft 
34 33 33ft —ft 

17 14% 14% —ft 

16% 15% 16% _ 

17% 17% 17% - 

3% 2>Vu 31%, —Vi, 
59% 58% 58ft— 1 
28 27 27ft «% 

28% 28% 28ft -ft 

13 12 12ft —ft 
28 «* 19ft 20V. +% 

7ft 6ft 7 * % 
37ft 36% 36ft *% 
lift 11% lift — % 

14 13ft 14 +% 

12ft 11% 11% — % 
53 51% 52%— 'Vu 

11% 10% 10% —ft 
2Vu 2% ZVu —ft 
12 11% lift — % 

33ft 33% 33% — % 
21ft 20% 20% — % 
27% 27 27 — ft 

16ft 15ft 16% +Vi 
12ft lift 12ft - 
21% 20V) 20ft —ft 
12ft 12 12ft *ft 

Oft Bft 8ft - 
13% 13% 13ft —ft 
17% 16ft 1»ft —ft 
57 55ft 56% —1 
14% 13% 14ft — % 
12ft lift 12% +ft 
10% 8ft 9% +1 
19 18 Wfu— 'ft. 

12% 12ft 12ft -ft 



14ft 10. CAiwre 


33ft ZlftCTEC 
'' kCACt 


10% 4%) 

32ft 25ft CodbvS 

lift 5ftCOM* 
17ft aftcaiaene 
23ft PftCdMD 
31% 16ft Col Wife 
32%20%CWIneA 
90ft 59%Qvwnl 

20 14ftCt2nsuUr 

21 15%c5wHz 
14'A 5 Vu Cervine 
JlftlOftCorsPtr 
13ft 9ftCaMvsi 


lJOc Si 


Jle A 
M 10 


25 ®%CasAms 
36 13ft Cast noDS 






17H 



113 

» 

7J 

Eft 

♦ H 

78 







310 

EH 

28% 

2BH 

— % 


1040 

8% 

8% 

8% 

—ft 


IMA 

10ft 

9% 

9>Vi, — Vu 

23 

IDE 

Mft 

13V, 


-ft 

21 


25ft 

24ft 

2.5ft 

-ft 

m 


31 Vi 

EH 

♦ ft 

47 



B6% 

B7Vi 

— Vi 

16 

174 

18ft 

18'* 


— H 

63 


17H 

16% 

17H 

-ft 


30 

6ft 

6% 

Aft 

-Vu 


773 

21% 

Eft 

21 


14 

91» 

11 

10% 

11 

- H 

» 

7964 

13% 

12 

I3H-1 


92 

E 1 * 

BH 

Eft 

—ft 


21% jft^AftQiC 


AMEX 


Friday's Ckw l iip 

Tables indude the natkmwfde prices up to 
the closing on Wad Street and do not reflec 
Mate trades elsewhere. Via The Associated Press 


12 Montli 
Mon Low Hoc* 


HMl LowUXcstCh'BB 


1.75 73 _ 


14ft •%, 

26% 20’ mi 

5 2ftAHC - 

26% 73 ARMPpf2JS 9.9 
_3 l r uA5R _ .18e 8.2 


... .63 
14 3? 


.Bft _*% Bft *ft 


lift 11% „ 

lift 11% 11% — % 
24% 34. 24% —ft 
,2ft 2*% 2ft 


75%61%A^TFd 2.729 iT 

8ft 4 AdcCom 


3> TftAdion 
4% 4 AckrUftc 
1 % AqwFln 


2ft ftAtfwA 

5ft lftAOvPIiot 
3'i 


yftsasr 

7ji ^Alornm 


:tn 


16ft 3ft AlldRiti 
lift 7ftAlk)uH 

6ft 3 Alcoa in 
11 4ft AlpkiOr 
i ftAmanGwt 
10ft JftAnuM 

14% 9"Ja£«P 2 
20ft 16ft AFstRT 
JO IS’.AmMl 
8ft I Am Ecus 

l'Si, IftAEvn 

? ® 26 AExcipl 
4V, 3Vi|AIM84 
16ft IJ'-iAJM 85 
14% IP .AIM 86 n 
IS 11 Vj AIM _ 


_ . 24 ft + (5 

ti'Z Mfv _« 

6V1 6% 6% — % 

7ft 2ft— Vu 

.Is M M *S 

=■* j* '■ * “ 

Jft 2% 

R ft 

2% 2Vi 

1% 


21*.14ftAMJ9B 
14ft BftArnPaon 



?!• ivvAR Ein on Si l\jfi 


.64 


12% 7ft 

j?; 
ik 

3% ftAmpcdwl 
14V, 10ft Amwesi 

ftAnuPar 1450c _ 

SlaAmibai 


]St 

p JilSSSS 1 " 

12% SftAr fvwT 

4% 2 AilroA: 
13% TT.Ahn 
7ft J Anon IK 
ft VaAlKCM 
31V,, i Aims wr 

18ft 6' • Audvox 

I ft WtaAuclr* 
ft 6 AurorEI 
2ft 2 , .'uAXoan 



3% 3^ 

•ft 8% 

9% pi 9ft 

1-/U ,^u ,lVu 

hS 1|^ JSS —% 

31%, 7ft 2"i% .. 

Vu !V|| Ift — Vu 
27ft Wft 27ft 
3ft _2Vii 3Vu — 
14ft 14 V. 14ft — Vb 
12% 12% 12% 

12 11% 11% —ft 

18ft 18ft 18ft 6ft 

70ft 20ft .ft 

21 21 —ft 

8ft 8ft —ft 

7% 7ft ♦ ft 

% sa_% 

<ft <ft 6V. 


13V. 13% 13ft —ft 
12% 11% lift — % 


5ft 5ft —ft 
ft ft *ft 
. - .9ft 9ft —ft 
10% 10% 10% —ft 

7% 7ft 7% 6ft 
■> 8ft —ft 
3ft 3>V., — Vn 

3 3% +% 

5% 5W— % 

4 ft 6ft —ft 
% % ■„ 

2% 2ft * 
9. 9% ._ 

% ft 6'fU 
7ft 7ft — V. 
2% 2% 6ft 


Ift ft MM Mr 


l?.u 


sift i 


J3 23 


17ft. 

83ft 72% B HC 
»v, 19 BaODrM 
S Baker 

, . 4'VBaldw _ 

3ft 19ft BWFQ 1.91a 8A 
14T ( 10%Banstro . _ _ 

»%7lftBTcv7% 1.88 8J 
24ft 21ft BTcvlft 1.90 BA 
% VnBonvHI 
3ft IvuBanvnsn _ 

ZlftlBftEKxmM -I5e .8 

ift 6^^mS<»s „ I 

31 1I%BovMn M M 


7D 


n 36 

- 4 

73 07 

IB 48 
9 IU 


49 


.. 83 

... 85 

•TOO 3 

16 6 

84 97 


lVu 

iSs 

80% 79ft 

2S% 25V, 

SP 1 H" 

5% S<U 

Eft 72 
11% 11% 
22 21ft 
22% 21ft 




2 2 
19ft 19 
21% 31% 


5 Tift Bayou 

4V, 2% BSHK wt 


f<i 2« 

26 25 

1U 2g 

- 60 


vs 


.ft 


3%_!%B5 Wm . 


70 


3fc%29ftB5MI 
3»u >v.|B«<mac 
24% 18 V* BenchE 
.8% Aft Ben Eye 
1W KftBeniCa 
15% 4ftBetawe« 
23% 19 ft BlnkAAl 

74ft ID BioRA 
24% lOftBdR B 
,3ft 'Vu Buxxwn 


55 = 


_ 20 


_ _ 596 
... 18 21 
«. 58 200 
2. Ode 7.1 4 

_ 14 124 
J2e l.s 33 .19 
21 369 
- 28 60 




14%11 BlkBI 
14% 1 1 ft BCAIQ 
I4T.11%BFI.K3 

14%11ftBNJ» 

14%1lftBNyiO 
47ft 14ft EUOirCO 


.7 IS 




»<'. 13ft BOOM 
5% iftBowmr 
»v, 17ft Bourne 
9% 7%BradP£ 

17' . B'-rSnxidn 
Sv, iV.Brondyw . 
14N 9%Bncna IJH 
Ift TVuHfochCp 
U . Bunt on 


UB 9.7 
.790 4.9 
Tfa 6J 

•S »-s 

.79 6.7 

1.05* 4.5 
.70 2 0 
.JO 1J 
1.24 8 9 


173 

50 

x23 


20V. 20 
16% 14ft 
4% 4ft 
3% 3% 

3ft 3 

2>Vud2dV, 

JB J* 

si ft saSi 

7% 7 

94% 93% 

£ 

24 Vk 

23% 


25ft *ft 
5ft — U 
Sft —ft 
75% — % 
11% _ 
22 

Eft _ 
JVii— V» 

19 —ft 
21 % 4 % 
ft ♦ Vu 

a ft —ft 

ft —ft 
4ft 6ft 
3% —Vi 
3ft ~ 
Ift* —ft. 
2% +Vu 
35 -ft 


X1D 

X4 

X20 

39 

ID 


.1 

!S a ll 


*i 


J4 IA 

% H 

jreiiA 

-- 7J 


24 K14S 

12 2 
8 1031 


A .oZ 
*3 aS 


11% 11% 
ii% life 

45% 43ft 

4?% as 

it m. 

if 

16% 16% 

14ft 14% 
3 hv,, 
1% 1% 


^*=fe 

93ft— 1 Vs 
6% 6ft 
33 — % 

23% —ft 
23% —ft 

2Vu— 
10ft _ 
11% —ft 
11% I'A 
lift 6% 
lift *% 
45ft —ft 




41% 

14 _ 

3Vi, — «'u 
|«% — % 
7% —ft 
14% -Vi 
5 "* 

14% —ft 
TV* —ft, 
1% — '/u 


7ft 4%C 
Bft 7%gM, 

3ft **utST^iS 
16% 1 1’.CVH Pn 
_5% 1'iCVDFtn 
7? 39 COWvsn 


840 4.6 14 .9 
6 184 
84b 11J - 


- "1 e 

J30 12 12 5 


18% 18ft 

e % 
vst «% 

14% MV) 
1% I'Vu 
57ft 57ft 


18% —ft 
5ft —ft 


rh _ 

7ft —ft 

.'/i-ft 

Cbd6 


25 TA 

19% 8 CottiSlr 
24% 9 CotoCP 
21 12 Celadon 
34ft 13ft Cetesttot 
36 ft 17ftCeHPro 
20ft vftCellstar 
54ft 40 ft CMCmA 
31ft 18ft CdCmPR 
34% xftCeilrTc S 
24ft 14 Centos 
43 10 Ce nt g r m 

15% iftcmracor 
34ft25%CFlaBk 
19ft 8 Cenntn 
49ft2Z%camer 

36ft 18ft Cwwecer 
14% 7%ChrmSh 
25 17%OltOnFa 

15 3%Oieck*rS 

24ft 13ft Chocks 

19 8 CWcoss 

60 ft 31 ft Oifescixn 
7ft 3ftOftnTc 
96 SOftChtron 
21ft 6%ChmmdS 


1.13 


JO 


34ft 25 Cntoa 
15 Jbaran 
44ft m.Orrus 
40ftlB%03COS 

M 11%aWcom 

2ift 13 OubCar 
42 24ftCStHttn 
53ft 25 Cobra 
41 ft 24 CocaBtl 
24% 16 codexip 
28 ii coanexs 
14ft 7%CosnDSB 
15ft ii Cabemt 
31% 17 Colooen 
25% 17ViCa)aBcp 
34ft 17 Comotr 
28ft 14ftC0mcst s 
76 MftOltcsOS 
25% 15ft Commnet 
33 27’ACmcBMO 
27% HftCmeFcB 
26ft 13ftCamHlSv 
26%20%CompBnc 
18% SViCmprst. 
7>A TftCmocm 

24 llftCmpOcxa 
12% SftCMNwfc 
48ft 21 Campuwr 
16 % b cotmrers 

9% 2ftCcdCam 
29ft 17%ConcEFS 
15ft 5 Cooct-Od 
23V, 13 ConHCI 
22% MViCOarsB 
53ft SlftCoolevPh 
14ft 3ftCbpylet 
18 9 Oorlher 

Eft UftCorGaoF 
57ft 27%C0rdls 

25 14 CorelCps 

26 12ftCorlmoa 
17% AftCorcfCb 
37% VftCottCp 

26% 14%cwnrrys 
29%21'ACrkrBrl 
24 BfterTenLi 
28 70 CrndSys 
33ft 20 CrdAcps 
33ft aftCnosCOm 
39 ft JOW CuinFr 
28 12ftCuslCh 

27 74% evened 


A8 


.92 


.10 


JO 2J 


_ 1211135 8 % 7% 8% -ft, 

| 1114 17 16 17 -ft 

... 13 89 lift 10ft 11 —ft 

U 13 155 10 9ft 9% _ 

- 30 320 19ft 18 18ft— Ift 

- 14 371 19 18ft 18% -. 

- _ 1362 24ft 23ft 23ft — % 

- 17 1369 14ft MW. lift ... 

-. -. 2733 S3 51ft 51ft —ft 
_ ~ 113 31 ft 30% 31ft -ft 
_ _ 325 12ft lift 11V, — ft 
« ... 330 17V. 17 17 

12 1399 14% 14 14'/. 

3535 14ft 13% 14% *%, 
32 32ft — ■ 
lift lift —ft 
40% 41% —ft 
22ft 23 ft— 1W 
8ft 9 -ft 
23 23% -Vu 

4ft S'A - Vu 
14ft 16% —ft 
8% 9 —ft 
52% 52% —ft 
7% 3ft —ft 
66ft 66ft— 2ft 
10% 11% *% 
94 W4 
2A 16 247 54ft 53 V. 53ft— 1 

J 29 SOI 33 32'H 33 _ 

- — — lift lift —Vi 

30 31V. -ft 

25% 25V* — V* 

19% 19ft —ft 
14% 14% —ft 
33% 33%— 1 
52% S4'A -1ft 
2BVV 29 -ft 

22%2m,-l« M 
19ft 19ft -ft 
12ft 12V* — «% 
13ft 13% —ft 
21% 21% —ft 
21% 21% -Vu 
26ft 36ft —ft 
15% 16%—'% 
15% 16ft, — Vu 
Eft Eft 
Eft 33 
26 26ft 
25% 26 -ft 
25 25% -ft 

10ft lift -% 
3ft 3% _ 

11% lift —v, 

7 7ft — % 
38 40ft -2 
•n. ioft _ 

3ft 4 „ 

a 28% — Vu 

I 6ft - ft 
Eft Eft —ft 
19ft 19ft -ft 
30V. 30V. _ 

4ft 4%— Vu 

13% 15 -1 

21ft 21ft —ft 
50ft SO%— Ift 


3J 11 347 Eft 
_ - 24 12 

._ 37 901 42 
A3* 1.9 24 561 Eft 
M 1.0 14 4574 9ft 
2J 9 2263 23ft 
_ 37 1083 Sft 
... 29 378 17ft 
_ 13 995 9ft 
... 35 1051 54 
_ 24 334 4ft 
_111 4842 69'/. 
_ 65 851 11% 
_ 1948 25ft 
16 247 54% 
29 SOI 33 

- 16 El 12 

- 1S1B902 31ft 
_ 2126070 25ft 

- 39 510 20% 

- - 205 15 
-. 33 431 34 
_ 36 5261 U55 

JOB 3 A 20 140 29 

Mm “ sv £2% 
-. 37 294 12% 

- 21 84 13% 

.10* J 43 730 21% 

.60 2.8 7 1733 Eft 

J4 .9 19 2092 27 

J» A _ 2054 16ft 

J» A -.12344 16ft 

_ — 791 24% 
2.1 12 44 33 

-2623 746 36ft 

- 22 962 26ft 
16 10 Jt331 25ft 

- 114 1418 lift 

- 10 207 3ft 

.9 9 IE 12ft 

- - 1545 7% 

_ 3a 2905 40 ft 

- 16 599 10% 

_ 14 440 4 

- 30 273 29 

- 8 6 4% 

-.14513 u23% 
- 294 19ft 

_ 11 204 31 

- _ 1675 4ft 
-. - 2125 15ft 

- 14 462 21% 

- 91 2754 52% 
_ - 1096 17% 

- 24 94 20ft 

_ 45 504 17 
_ a 84si 13% 


♦ ft 


59 45 FlflbT 

17% 7ftFkjBleA 
29% 13 BfcNcf 
12% 7 RlBimt 
35% 28 Flutter s 
30 1 7ft Ff! Alert 
34%28%RAT n 
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“ iFIFMI s 


27 20%FI 
19% 14% FTFllCB 
31% 23% FI HOW 
21% AftRPcNiw 
20ft 13% FstPaim 
32%23 %fScCp 
47* 35HFsfronn 
23% 18 Fisarv 
23 17 Fkrtr 
20% 9%Foamex 
7ft SftRUJcB 
7ft 5 1 '. FdLiaA 
38% 30% For Am 
5% 3ftFor*UO 
74ft 10 Fossa 
25 3, 4DSon 

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35ft MftFrltz 
42% JHiFuIrHB 

J Bft 12%Funca 
Sft BftFulurHIs 



JB 1.8 M B1 31 

— 72 284 17ft 

— 32 481 15 


M% 9 GM1S 
25% 17ft GP Fuel M 
41% 7%en 
22'A 9% Golev 
27% 12% Gartners 
16% 9%Gosonlcs 
24ft 9%Garesooo 
41 Vi E GnCmir 
Eft 15ftGnNutr s 
21% 7 GeneThr 
49% 37’AGenannsi 
31% AftGensia 
35% 18 Gen!** 

5% 2%Genus 


IS 1 * 15ft 


24 


16% 17% 


.10 


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.02 


4263 Eft 


- 18 


12% 5%Cvaius 
Cyrix CP 


44% 18ft 

35% 13 Cyrk 
8% 3%CytRx 


6033 18% 

1031 72 

- S 230 31% 
_ a 1519 9ft 

1 A II 40 38% 
_ 20 1399 18ft 
„ 26 590 76ft 
_ - 1282 7 

-. 41 2527 40% 
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- - ill , 


19ft 19ft. 

16 17 

13ft 13% .. 

21ft Eft _ 
24 24% —ft 

18% 18% —ft 
21% 22 *V. 

31% 31% -. 

Bft 9ft, +Vu 
37ft 37% —ft 
17% 17% —ft 
25% 26 
6% 6ft ♦ ft 
40 40ft — % 
24ft 27% -3 
3ft 3ft —ft 


04--F 


32 17YJDF&R 
7ft 2ftDNAP1 
36%17ftD5Cs 
29% ISftDSG Inf 
24ft 12% DSP GP 
31 5%Domork 
Eft 14 Dankos 

17 12 Dorses 
Eft EftDouptin 
27 MftDavtfsnA 
Eft 9 DavRun 
Eft EftDoVrv 
24% 11 ftDeckOul 

18 TftDeflcShd 
36 24%oklbCn 
36ft 15%Do«Cptr 
22% 11 ftDeSino 

S "iSBSS? 

24% llftDtalinrt 

38 

37ft 30 Dlanex 
34% 12ftD*scZono 
27% 17%0lrGnli 

26ft lift Dcrtkeny 
Sft 17 Dovaim 
15ft SftDrasB 
31 % 21 V, DnryerG 
46%14ftDunxrn 
20 14% Durban s 

29 15ft Dvt ctC 
Eft MUEOTls 
34ft BftEMPI 
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41V. 25ft Eahi V{»1 
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18ft HftEvnSut 
22ft Bft Exabyte 
34ft 21 ft Exor 
21ft I2ftExnfns 
3Pri 18ft ExnScpf s 

17ft lift Ezcara 
29%18%FHP 
31% llftFTP SIT 
15ft ZftFastCm 
41ft 35 FaSKfial 
27ft MHPtdelNY 


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- 73 3376 12% 
_ 31 1! 


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12 562 25% 


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_ 20 714 Eft 

- 18 569 26% 

- 16 400 17% 

-9 7* 


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_ 13 250 14% 
_ -. 664 13ft 
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- 8511259 Eft 

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1? BSB 10ft 


JO 


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JO 1J 13 438 34 
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-. 12 «50 14% 
.. 15 839 44ft 

- I* KQia 10ft 

- 18 1980 23ft 

_ -. 12 14% 

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.16 IJ 8 253 10% 

- 17 90 15ft 

- 41 983 Eft 
7E 23 


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1.1 70 


A0* 1.1 70 2745 53% 


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M 


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- 18 1947 19 

- — 311 33ft 
J 23 606 u 22 

- 49 17 33ft 

_ 18 350 13 

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- M 947 EVi 

- - 1057 4ft 
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_ - 274 u 27ft 


26% 26% —ft 
2ft 2Wy — %, 
28 ft 28*1%— % 
26% M'A— 2% 
E 24 _ 

10ft 12% ♦ 1ft 
19% 19ft — % 
15 15 —V, 

25 25ft ♦% 
18% 18% —ft 
21ft E -ft 
25% 25% —ft 
16% 16% „ 
8ft 8M — % 
30 Eft —ft 
Eft 33% —Wu 
11% 12% -ft 
37 37% — % 

8ft Bft -Vu 
Eft 23% —ft 
16% 17% -ft 

14 14% —ft 

12ft 13ft ♦ft 
15ft 15ft —ft 
34ft 34% —ft 
19ft 19ft— 3 
25 25W — % 

23% 23ft „ 
Eft 21 —ft 
70'., 10% —Vu, 
25% Eft -V. 
35% 36ft —ft 
I7V« 17ft _ 
21 21ft *ft 
17% IBft -ft 
lift 12 -ft 
12 12ft— »Vu 

Eft 34 —ft 
18ft 18ft —ft 

Cft Aft— ft 
13ft 14ft -ft 
42ft 42ft— 2% 
17ft 18V* 

22% 23 —ft 
14% 14ft _ 
15% 14% -ft 
10'/, 10% — % 

15 15 —ft 

Eft Eft _ 
Eft 22Vu — "/]. 
11% 1IV. _ 
53% 53% — % 
12% 12% * % 
laValSVit * ft 
33 33% -ft 

20% 21ft - ft 
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12ft 12% —V. 
26% 27% —ft 
21 Eft ♦ % 

4ft 4% —ft 
39% 4(7 ft, —ift, 
27% 77Vi» ♦ Vu 


17% BHC 

61 ft 37'u GrmSv A0 
E%ll%G»snG A0 
Eft 14 GidlAw .12 

19 6% Gilead 

60% Sft GMnavr s 
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30V, 9 GooOGv 

TO 11 Gdy-=am 

26%19%Goukn> JO 
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26ftl7ViGrmeC JO 
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31% 7 Gw»a 
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40%iF>uHoaaar JO 
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24ft llftHombk 
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27% 14 HumGen 
25%16%Hur4JB JO 
42% MiHuntCO .10 
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41 19%HutaiT 


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I 20 Sft .ft 
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i Sft Sft —ft 
I Eft 21ft — Vu 

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41% 41% — % 

■ 9% 10 — H 

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■ 60% 40% —ft 

■ 14% MS* —ft 
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lift 11% _ 

■ Eft Sft - 

■ 7Vi 7% + ft 

. 21 31 —ft 

■ 14% 16% — % 

■ 7% 7% _ 

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14% 15 ♦% 

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26 26ft— 1 

, Eft 34 —ft 

■ » 26% — % 

Sft 30 ♦% 

14% 15 - 

24% 24% ♦% 

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23 Eft— 1ft 
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7M 7%.— Vk. 

9% - 

7% 7% _ 

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21 21% —ft 

14%14'Vu— Vu 
27% Eft ♦% 
12% 13% -ft 
25ft 25% - 

11 'Vu 12 —ft 


ll'»U 14 V. 

11% 12ft ♦% 
15ft 15% — ! ft 
17 17ft —ft 
27% 2746 — 196 
30 30% -ft 

Sft SH— 1% 


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12% 4%IG£N 
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34 2HIIS 
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Eft 9 ln«n s 
14 ft 10ft InsitTe 
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Jo 9Viint*aarc 


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kilntSilSv 


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E%12% Intel wts 
E 13% Intel £1 A0 

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17 lOfttntrttin J4 

lift 8%intBpn 
64 EftbffoHIt 
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30% 17% InTCble 
74ft is mtimaa 
TO'/i 4 inTTortz 
15ft rftlntersiv 
15% lOftlmrtyans JO 
Eft 5%lntvaice 
50 27 mtun 
31ft Eft irrvcare js 
37 3%/werks 
20% 10% J&JSn 
27% E JSBFn JO 
19ft lift JacwCm 
45% Eft Jeffrcp J0 
Sft 18 JobnstnA 
21 ISftJunau J8 

Sft 10% JmtFFeet 
72 10 Justin .16 

SOft 18ft KLA 
14ft 5%Ke<yOU 
S E KoOvSA n 

Eft 13V) Keneiecfi 
Sft27%KevFn I JO 
16% MftKndnj 
18% 2ftKn«vfW 
Eft 13%Komoo 
31 ft 9%KlllCkO 


Sft 

_ - -. 4ft 

_ 79 924 S 

- _ 70 8ft 

_ _ 290 8% 

- - 1218 14% 

“ 69 168S Sft 

Z 71 4171 13% 
„ E 74981 Eft 

- 24 4556 25 

_ » 66 13% 

- 43 1013 Eft 

_ 9 392 10ft 

_ 15 8563 23 
„ _ 115 24% 

A 1231129 66ft 
_ _ 3909 15% 

2A IS 2343 15% 
_ _ E59 6Vj 
1 A 17 1567 13% 
_ _ 2444 9ft 
_ 79 B95u64ft 
_ E 4743 25% 

- _ 1635 4ft 

„ _ 214 14 

_ _ 497 3 

_ - 2279 Eft 

- 31 5% Eft 

-179 rn> 5% 

- _ 1089 13% 
1A 15 *463 13% 

„ IS 3394 11% 
1478 43% 
J S IE 31ft 
_ _ 78 5% 
_ M IIJ 12% 
ifl 17 136 E 

- _ Jl MV. 

J 9 IS 
..53 1 EH 

1J 17 x30 19 

- 363 987 19ft 

IJ 9 3B7 12% 
_ 36 4191 49% 
_ _ 185 4% 
2A a 1473 31ft 
1620 16% 
48 29% 
_ 300 15ft 

- 3843 3% 

_ 709 1735 24 
_ 13 1069 15ft 


“I! 


rsft 16 ♦ ft 

9% 9ft —ft 
30V, MV, —ft 
13% 13% -ft 
6% 4% —ft 
Eft 29% —ft 
3% 4 -Vu 
ME 
8 8ft —ft 
a BVu— Vu 

14ft 14U|, — V U 
9% 9% _ 

31% 31% —ft 
»% 26% ♦% 
13ft 13ft —ft 
21% Eft— 1ft 
EH 25 *2 

13ft 12ft —ft 
35% 35% -ft 

10 l(Jv M — w„ 
Eft Eft — % 
24 24% — H 

651a 65% — 1% 
15% 15% —ft 
15% 15% —ft 
6 6% -ft 

13 13% - ft 

9ft 9ft -ft 
63ft 63% —ft 
Eft Eft -2% 
4 4% - ft 

13ft 13*u — Vu 
2% 2%— 1/„ 
25% 26 - 

S% Eft -H 
5ft 5% —ft 
12% 12% —ft 
12% 12% —ft 
11%11'Vu— ft. 
Sft 43 —1ft 
Sft 31% - % 
4ft 4% -ft 
12ft 12ft —ft 
26% 2/ 

13% 13% —ft 

EH Eft — ft 
18% 18ft —ft 
18% 19% •% 
12 12ft _ 

48ft 49 —V, 

4% 6% -Vu 
Sft 30% — 1% 

'is 'a-* 


L-M 


Eft 12HLCI Ini s 
Eft 14 JJDOSS 
1% 2 LTX 
39%S%l_aniRss 
39V. 27%Lancstr s A8 
Eft 16% Lance .96 


- 72 971 20ft 
_ 23 5952 Eft 
_ - 1002 4ft 
_ 24 4250 36% 
1A 18 882 36% 
5J 19 61 19 


19% Sft - % 
Bft E — 1 ft 
J% 4 .ft, 
Sft 36% -% 
35% 35ft— Ift 
18% 18ft —ft 


Eft i7%uftnkGeh 
37ft 15% LnnUrys 
Sft MfeLandwr 
18% 4%LO*imTc 

S% 12% Lattice 
71 % 10% LwytTHI .12 
Eft MVjLeedrFn 
Sft lift LmaCa 
16% 9 Lecntars 
Eft 17ft Lsaent 
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30 70iUeUSA 
18 UHUUvinda J8 
IE lSftUnBrd 
25% 17% Lincore i 
Sft 13ft Linen i J7 
49% Sft UnearTc J4 
8% 4UUpasm 
11% 4%LaJ0Ck 
17% AftLodaEnt 
27% 21% Laewen 0 jm 
M ftltftLneSSMc 

12ft AftLnaSK 

23% 6 LgtWYE Jit 
Sft Eft Lotus 
29% 21HMCI JS 
57% 20% MFS Cm 
6ft lH»MHMewr A3e 


1.1 


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Sft 17% MS Carr 
13% lftMTCEl 

21 7ftMacn»nd 
19% 8 V. Modes 
Ifl’A 2%MogPrr 
40ft s MaamP 
21%ir«,MaaGB_ .76 
17 lift Man SICS .I2e 
Eft lJHMoDlnfa 

14% 7ftMoroam 
R% 3%MorOn 
EH ISHMdfinorH 
31% Oft MP Twain .96 
Eft B Morsom 
34% 18% Marshlls A0 
E%i3%Meskmd .lSe 
13 4iaMatrxSv 
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62H37V1 Maxim 
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38ft Eft Mettooh 
16% 8ft Med or 
46ft l-7„viM£dV9i 
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M lOUMedStl AS 

22 la Madlcui A3* 
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19% 3%M eoanrtt 
EftlOftMeaarmt 
34% 15% Aiken wre 
17% 12 Mentor jJSe 

17ft 9%MentGr 
Eft17%Mrcaks AS 
»% AHMercar 
SftEViMercGn JO 
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Eft 26ft MronBc 1J6 
Eft 7 Meriaei 
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E AHMesoAr 
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18%llV.MemdA .12 

E lOftMenon 
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46 ft 29 ft MiCftSrr 
79%54%MiCbNr 200 
78 lOHMicWor 5 
Sft 9ft MkrAB 3 
Sft 149a Micrdip s 
8ft IHMkrc 

11% 4% Microbe 
8% 4HMJOOP 
Eft 14% Micros 

S9ft 36 V* Mian* 

lift JftMkrtest 
MHEftMidOcn 
28% 7%MWAM l 
2SV. 18ft Midi Fn JJSe 

31ft Eft MASCO SI 

3S EftMilIrHr J2 

28 i8%MOanin 
28 12ftMlteK5r 
39 ISftMblTel 
31 ft 22 Modhie 52 
Sft 13%Mahawk 

42 V. 30 V. Mate* .04 

39ft Eft MotexA M 

31 lAftMoHenM 
Eft 13ft Moneys % .19 
19ft HHMontPcs 
12% 4V»Ma5COm JM 
39 ft 77 MuOmdh 


3% 

ST 

4ft 


66 907 E% 
_ 360 Eft 
?1 223 U 33 
S 2696 17% 
16 1264 19ft 
3 213 lift 
„ 13 141 70 
_ 35 4798 19% 
„1I4 736 16 
_ 16 7612 E 
„ 45 234 Eft 
_ M 580 9% 

ZJ 16 SB 13 V, 
_ _ B83 137 
_ 21 826 Eft 
JA 14 24J 15ft 
A 32 22E 44 

I 713 714 

_ - 1555 10% 
_ » m 7 a% 

_ 40 3197 25ft 

_ 37 61 10ft 

6.6 46 073 Sft 
_ 2514127 43% 
J 1836048 Eft 
.. - 1862 35 

38 SU 

- 25 89 

_ 4*4 ... 

.. 46 134* 14'A 
_. 325 13% 
_. _ 451 3% 

_. 12 1057 78% 

3.7 13 104 20% 
A - 415 16 Vi 
... h. 61 19ft 

_ _ 667 10% 
_ 17 1781 5 

_ 94 roso Eft 
is it it a 
_. 54 106 13% 

2.9 20 1793 70% 
.9 II 481 16ft 

- 32 110 6H 
_ 25 3107 12ft 
_ 41 8*9 61ft 
_ _ 414 5ft 
_ _ 3050 54 

2A 15 JAM 19ft 

- 37 1406 35ft 

- 32 3\3 11% 
_ _ 575 2’V U 
_ E BOB 21% 

1.9 16 105 25% 

J 20 348 12ft 
_. 25 488 13% 
_ 12 1169 6V, 

_ 17 1008 19% 
„ 26 644 21ft 
3 15 119 17 
_ _ 492 10 

XI 12 CTO Eft 
10 2233 13ft 
9 x!35 28 
_ a 230 10 
43 12 1080 31 ft 

- 9 26* m 

A 11 3092 20ft 
_. 13 6936 7ft 
_ 4325569 16% 
A 19 655 U 19ft 
_. _ 706 16 
_. _ 131 16ft 
_ 31 2887 44% 
2A a 513 77% 
_ E 1337 26% 
_ 9 852 13 

„ E 995 37ft 
_ IE 330 7ft 
_ _ 366 Aft 
_ _ 955 Cft 
_ 29 16 31% 

_ 3037983 57ft 

- _ 447 15 

_ 14 02 26% 

_ E 9644 Z7ft 
J 14 5 Eft 

IA 8 4362 29ft, 
2J 15 147 24% 
_ _ 526 74% 
_ 72 225 21ft 


73 23 ft —ft 

22% 23W —ft 
31% S -IJ* 
17 17% -ft 

19ft 19ft —ft 
lift lift —ft 
Eft 27ft —ft 
17% 18ft .. 
15V, 16 -ft 
Eft Eft —ft 
Eft 24 —ft 
9ft 9% - 

13 13 — Vu 

IS lSft —ft 
24 74% - 

15% 15ft -ft 
43% 43% —ft 
4% 6% —ft 
ift 7ft _ 
10 IO'm -ft 
23% 24 —ft 
24% 25 —ft 
10 10V. - % 

7% 7% —Vi 
42% 43 —1ft 


Eft 33V u —Wit 


33% 

3H 3% -'Vs 
4% 4(k _ 

Eft 25 -ft 
4V„ 4fti -Vu 
13ft 14ft -ft 
12% 12ft —ft 
3V» 3Vu —ft 
Eft Eft —V, 
20ft 20% —ft 
15% 15% —ft 
18% 18% -% 
lov. i6ft —ft 
4ft 5 - Vu 

21% 21% —ft 
27ft 27*1 _ 

13 13ft +ft 
20ft 20ft —ft 
IbK 16% —ft 
6% 4ft -. 

13% 13% . - 


75 


— 423 3692 21ft 


1A IB IS 28' 
_ 16 605 18 
.1 29 760 42V. 
.1 33 El Sft 
_ _ 1673 25 
A 10 287 20% 

A 1 ” S 'R 

_ 14 1270 S'u 


60ft sf'A— 1 

a% —% 
18ft 18% -ft 
34 V) 35 - 

lift lift ♦% 
2% 2>Vu -ft 
20% 2Dft — % 
25% 25V, - 

12 12 —ft 

13ft 13% —ft 
4 6% -ft 

18ft 19ft — ft 

20 21ft -ft 
16% 16% —ft 

9ft 10 — Vu 

32 Eft — % 
12ft I2H —ft 
77'A 27V. —ft 
9% 9ft —ft 
31ft 31 Vu —ft 
8% 8% *% 
19ft 20ft ♦% 
7ft 7% _ 

16 16% +U 

10 19 +% 

15% 15% —ft 
15% lift - 
43% 44% —ft 
77 77% ♦% 

Eft 26% —ft 
12% 13 _ 

35% SH— Ift 
7ft 7% _ 

5% 6% ♦% 
6% 6% +%. 
Eft 31% _ 

55% 56%— IVy 
14 15 ♦% 

Mft 26% ♦ ft 
26H 26% — % 
EH 22% ♦% 
EH 28% — % 
24 Eft _ 
34 34 —ft 

19ft 19% — H 

21 21ft —ft 

27ft Eft _ 
17ft 17% „ 

42 42% ♦% 

38ft 39% ♦% 
Eft Eft —ft 

19% 20' A ♦% 
T1H 12ft — ft 
7Vh 7ft —ft 
31ft 31% — H 


J0e 


J? 


10ft 
30ft 

70% 28 PbetfCB 
EftTOftPoainoI 
AftPoirTch 
■/,20%PapaMvi 
26 ^HParaBtm 
4«'.21ftPorttiTch 
Eft 13ftParcalOB 
Eft Hft PqrjHId 
34ft 15% PolDnlt s 

g ftfflViPoyc»«* 

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14 BftFeonCT 
43 i9HPeacCnc 
l<ft» PBOPHrf 

1S'*i3iVuFeaaTeli 

S v.36 Peapsn 
ft lOftPertmv 
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16% 10% PetmAn 
19ft i0% PtriGeo 1 
Mft 71 ft FetsMan 
18ft AftPhrmMkt 
23% 1 1 % Rilrln 
SftEftPhvCor 

S ft 16% PtivCA > 
ftMHPtlvtlCHir 

S H TO PfcTet 

■A 21 PtonrGa A4 

r WHPtanHIB A8 
12%PMfi5is .18 
tlftlOftPliencr 
39% 3%PtofSon 
17ft 7VkPffltTC 

»% Mft Plover* 

A9H Mft PwrsatT 
3SH MftPHEntr 
Sft i'/.presRv* 

55% taftPrestek 

S&2 z S 

38ftZ4HPrcTRs 52 
35V. 20 Primotbi 
17H BftProcyt 

S u 14%Protfnr 
4 27 presort 
Wft llftProrfW 
IftProteon 

IdftPrvBksb A4 
19ft 6 PureTc 
25 7 Pureeoc 

Eft 14H PurilBen 
TtU MVaPuroPd 
73 SftPvrmT 
38ft 14% Pyxis S 
451*29 'A OVC 
17 9 QuodSy 

43% 15 oudoni 
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2JJ 10 1400 Mft 
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_ 18 1124 21% 
_ 44 2368 45 
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70 21% ♦% 

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36 25ft 25ft — % 
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19 18 19 ♦% 

20 19% 20 ♦% 

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41 294 Sft 

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„ 72 12E 15 
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September JO-11, 1994 
Page 15 


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FIRST COLUMN 


Tempting 
Stocks in 
Tiny Boxes 

i ■■ HE conventional wisdom is to 
■!. Tf treat small companies as a long- 

H term investment. But how long is 

■ long-term, and what kind of nde 
should investors expect? Although statis- 
tics provide only very partial answers to 
these questions, they offer some interesi- 

• • ' jag insights into investment patterns. 

TSome entertaining research that really 
f takes the concept of long-term investing 
; seriously has come from managers of en- 
. ; dowmem funds at U.S universities. Fig- 
ures recently divulged by Yale Univenn- 
- ty’s endowment fund show that every 
dollar invested in U.S. government bonds 
\ in 1925 would be worth SI 2 today. Dis- 
count inflation and you are left with a 
’ paluy S3 gain. 

The mainstream stock market, however, 
| offers better returns. Each dollar commit- 
L led to shares in 1925 would now be worth 
• . $800- And best of all is the small-company 
r sector: the Yale fund’s research shows 
' that each dollar would now be worth 
around $2,750. Which might lead one to 
; conclude that there is only one worthwhile 
sector for the serious long-term investor. 

Unfortunately, it isn't that simple. The 
small-companies investor would have had 
to endure tremendous frrmnrial har - rkhtp 

• That single 1925 dollar would have shrunk 
•• to just a few dimes- in 1932. 

^ Here we have a good example of a long- 
T term investment, and above all, of vokmi- 
ty. For small investors, volatility means 
’’ being prepared to take major losses — 
losses that most people simply would not 
: accept Hence the popularity of securities 
•' such as government bonds. 

Investors who have money they can 
afford to forget about might well be 
tempted into the small-companies sector. 
Kit they should remember that past per- 
Urmance does not guarantee the future. 
The specter of inflation, for example, has 
. .been all blit banished in the past few 
: decades. But as the queasmess in contem- 
: porary bond markets demonstrates, that is 
just one imponderable that will not go 
away. 

MJB. 


Sussing Out the Small-Cap Index Funds 


By Baie Netzer 


A T THE END of 1990, few inves- 
tors in Boston-based Colonial 
Management Associates’ S mall 
Stock Index fund could enjoy 
reading the financial news. The two well- 
known U.S. small stock indexes, the Wil- 
shire 4500 and the Russell 2000, had fallen 
13.6 percent and 19.5 percent respectively 
during the year. 

But that wasn't the worst of it. When 
shareholders received the fund's annual 
report for the year, they saw that the fund 
had falloi even deeper than the indexes — 
a painful 23.7 percent. 

While things improved the following 
-r, with Colonial’s Small Stock Index 
d gaining almost 19 percent, both the 
Wilsmre 4500 and the Russell 2000 rose 
by over 40 percent. It seems, say some 
analysts, that Colonial was simply picking 
the wrong stocks to index. 

“The fund was indexing the smallest 20 
percent of stocks listed on the New York 
Stock Exchange by market capitaliza- 
tion,” explained. Rob Cobum, a Colonial 
spokesman. “But that wasn’t an accurate 
measure of the small stocks that were 
actually performing well.” 

In 1992, Colonial gave up on the small- 
stock indexing concept and converted the 
fund to an actively-managed fund. It's 
performance, moreover, has significantly 
improved. But nearly a dozen funds have 
attempted to take over where Colonial left 
off. Though the indexes they trade vary, 
all of the funds claim to mirror the perfor- 
mance of widely-traded U.S. small-com- 
pany stocks. 

In theory, stock index funds can offer 
investors a number of advantages. For 
example, there is no need to bet on one 
manager’s stock-picking talent By simply 
tracking a pre-selected pool of shares, the 
funds eliminate the need for an active 
manager and thus save on expenses. Most 
indexed funds do not charge sales com- 
missions. 

At the sam e time, investors enjoy wide- 
divcrsiflcation and an easy way of moni- 
toring their fund. By checking a fund’s 
performance against the movement of the 
appropriate index, investors can see 
whether or not their management compa- 
ny is putting their money where it’s sup- 
posed to go. 

But in reality, say analysts, few small- 
company stock funds choose to track the 
indexes that mosL investors can look up in 
daily newspapers. Those that do. such as 


funds offered by Vanguard/Windsor 
Funds Inc. and Federated Investors Inc., 
both based in Pennsylvania, generally fare 
well in mirroring an index's performance, 
according to Don Phillips of Momingstar 
Mutual Funds, the Chicago-based fund 
research concern. 

But the danger peculiar to small stocks 
is that a fund company can easily make 
the mistake of indexing a pool of shares 
that will exclude the high-flyers of the 
future. 

“The problem is that times have 
changed and you can’t just index the 
smallest stocks on the New York Stock 
Exchange,” said Mr. Phillips, “because a 
lot of important companies like Microsoft 
and Apple are no longer clamoring to get 
on the exchange. To indude those stocks, 
a lot of index funds end up creating pro- 
prietary indexes or funds that have a much 
more mid-cap focus.” 

Of the 1 1 small-company index funds 
that Morningstar follows, only 4 track the 
performance of the Russell 2000 or the 
Wflshire 4500 index, said Mr. Philips. The 
Benchmark Small Company Index fund, 
the Federated Mini-Cap fund and the 
Vangard Index Small-Cap Stock fund 
mirror the Russell 2000, while Vanguard's 
Index Extended Market fund is based on 
the Wilshir e 4500. 

The remaining funds offer a variety of 
hybrid indexes which mix stocks of vari- 
ous market capitalizations with a fund's 
investment aims. California-based Di- 
mensional Fund Advisors Inc.'s index 
funds, for example, are based primarily on 
stocks that make up the smallest 40 per- 
cent of New York Stock Exchange-listed 
companies by market capitalization, but 
the fund’s sponsors also allow themselves 
room to buy attractive over-the-counter 
shares. 

Charles Schwab's Small Cap Index 
Fund claims to index the second 1000 
largest U.S. companies which meet “cer- 
tain conditions.” Dreyfus- Wilshire funds 
start with a W ilshir e Index of 5000 slocks 
(essentially the Wilshir e 4500 plus the 
stocks in the S&P 500) and then eliminate 
the largest 3,250 stocks from consider- 
ation. The smallest 1,750 stocks are then 
invested other in growth-oriented or val- 
uc-ori rated portfolios. “It's obviously a 
jerry-rigged index.” said Mr. Phillips. 

While funds based on the Russell 2000 
or Wilshire 4500 indexes may appeal to 
investors because they are more easily 
monitored, investors should be aware that 
the two indexes differ significantly. Be- 
cause the largest 500 stocks make up al- 


Japan’s Small Firms Riding a Big Wave 


By Rupert Brace 


rt Jllr ** . 

*■* 

I-'*-. 

.. . « 
E * «*• • , 

ji r ilww~'' 


v' «• 


J APANESE small-compa- 
ny stocks do not repre- 
sent a market niche in 
which many Western in- 
. .... vestors seem terribly well- 
versed. 

Those who are, however, and 
’ who have stuck with Japan's 
sma ll companies through the 
country’s market turbulence of 
the past few years, have been 
rewarded by excellent returns. 

Question any knowledgeable 
follower of investment manag- 
ers on who is highly regarded in 
the Japanese small-company 
. ; ; sector, and the names Ed 
„ If enter of Schroders Invest- 
’ - 1 Sent Management and James 
'• • Pulsford of the investment 

bank Moigan Grenfell are usu- 
: ally mentioned. Each manages 
" a range of funds that have deliv- 
ered excellent performances 
over varying time periods. Each 
> manager, moreover, has a range 
of funds under his control. 

According to the London- 
based fund tracking concern 
- : Micropal, Mr. Merner’s 
: Schroder Japanese Smaller 
Companies fund, a UJC unit 
;* trust, has turned each $100 in- 
vested in it 10 years ago into 
’ about $1,250 today. And Mr. 
Pulsford's Morgan Grenfell 
Japanese Smaller Companies 
; - offshore fund has transformed 
the same sum into about $ 1 , 1 50. 
If one looks back only five 
* • years, to just before the Japa- 
nese stock market collapsed, 
the performance is also impres- 
■ sive. The Morgan Grenfell fund 
would have turned $100 into 
. about $320, while the Schroder 
fund would have notched up a 
: respectable $215. ^ . 

- . • By contrast, $100 invested m 
the Tokyo Stock Exchange's 
Second Section Index — an in- 
• dex of smaller stocks — would 
have grown into $484 and $336 
over the respective 10- and five- 
, , . v year periods. 

< Some observers say that the 
" r * Japanese fund managers’ his- 
. **" ? tori cal aversion to doing West- 

ern-style fundamental research 
• • ■*'' into small companies' earnings 
, nrospects has given players 
Tuch as Mr. Merrier and Mr. 

’ V , Pulsford, and their teams of an- 

* alysts. an opportunity to do just 

' that and to reap the benefits. 

‘ One of the stocks that Mr. 

s T * Pulsford favors at the moment 
is a rapidly expanding discount 
4 - ‘ retailer called First Retailing. 

, . r »• which trades on the Hiroshima 
y' exchange. Mr. Pulsford bought 
' " „ it at flotation in July, and it has 

p- 4 ;.- since doubled in price. 

’ v - : Mr. Memer likes ball beanne 

manufacturers Amatsuji Steel 
Ball and Tsubakimoto Preci- 
sion Products, as machine tool 


stocks have risen in value 
thanks to the gathering eco- 
nomic recovery in Japan. Mr. 
Memer said that since ball 
bearings are a component of 
machine tods, they should also 
rise. 

Richard Farrell, a director of 
London-based Guinness Flight 
Global Asset Management who 
specializes in the Far East, says: 
“There has been an increasing 
interest in small companies as it 
has dawned on people that the 
Japanese economy is not going 
to grow as fast as it used to. This 
has happened over the last 18 
months to two years.” 

Mr. FaneU said he also sus- 
pects that Japanese institution- 
al investors nave started to take 


an interest in this part of the 
market for the first time. 

Such a development would 
make sense, say other observ- 
ers, as investment theory sug- 
gests that smaller companies do 
particularly well when an econ- 
omy is coming out of recession. 
In Japan, money has been 
flocking to smaller companies 
in the nope of riding such an 
updraft Share prices have been 
driven higher, and new issues of 
small company shares are com- 
ing to the market at a premium. 

But such developments could 
idl trouble. “This is a tip-off 
tat perhaps the whole area is 
overheated,” said Mr. Memer. 
“There are too many new stock 


listings and many of them are at 
high prices. So you have to be 
very careful right now." 

He said that much of the new 
fascination with small compa- 
nies stems from the argument 
that the heavy industry and fi- 
nancial sectors in Japan may 
never recover their pre-reces- 
sion prowess. 

Mr. Pulsford is also cautious. 
“The economy appears to have 
bottomed earlier this year and 
seems to be gradually strength- 
ening,” be said. “And in the 
□ext two to three months, there 
may be a correction. But on a 
two to three year view, it’s a 
good idea to buy small compa- 
nies." 



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Inicnunonj) HcraM Tribune 


Small Companies. 


Page 17 

Europe's charms 

The fund route 

New specialist exchange 

Long-term, retirement Investing 




most 60 percent of the Wilshire 4500 capi- 
talization, that index “is more top-heavy 
than the Russell 2000," says Gus Sauter. a 
fund manager at Vanguard. The largest 
500 stocks in the Russell 2000 account for 
only 40 perceni of the total index. 

“The Russel] 2000 is definitely the hard- 
er index to match because it’s not as top 
heavy,” Mr. Sauter said. “But it’s also the 
index that’s the purer play in small 
stocks.” 

Regardless of the index tracked, howev- 
er, an index fund is not likely to buy all the 
stocks in the pool it is dying to mirror. 
Rather, a computer-programmed system 
known as “sampling” is used to determine 
which mix of stocks can best mirror an 
index's movement. 

At Vanguard, for example, the Index 
Small Cap Stock fund holds only 400 of 


Finding the Beauty in Small Companies 

Total returns on small-company indexes and indexed small-company funds 



Year to date 7/31/94 

1993 

1992 

Wilshire 4500 Index 

-4.05 

14.74 

11.76 

Russell 2000 Index 

-4.91 

18.90 

18.41 

Benchmark Small Co. Index A 

-5.35 

-* 

- 

Cofonial'Smail Stock A 

-1.27 

18.83 

20.65 

DFA U.S. 6-10 Small Company 

-4.54 

13.66 

- 

DFA U.S. 9-tO Small Company . 

. 0.65 

20.97 

23.48 

Dreyfus-Wilshire Sm. Co. Grth 

-9.40 

15.72 

- 

Dreyfus-Wilshife Sm. Co. Value 

-2.44 

11.15 

- 

Federated Mini-Cap 

-5.23 

15.29 

- 

Galaxy li Small Company Index 

-4.74 

11.32 

12.24 

Gateway Small Cap Index 

-6.28 

- 

- 

Schwab Smali Cap Index 

-6.51 

- 

- 

Vanguard Index Extended Market 

-3.19 

14.49 

12.47 

Vanguard Index Small Cap Stock 

-3.64 

18.70 

18.20 

Scutes: Momin^siar ine. 

- “= fund not in existence 



I mcmaiii iui HriaU T nhurr 


the top 500 stocks in the Russell 2000 
index. The Index Extended Market port- 
folio holds 800 of the top 900 names listed 
in the Wilshire 4500. 

While index funds do lower expenses 
and provide wide diversification, many 
investors find Lhat the advantages of ac- 


tive management are worthwhile. And 
their reasons can be convincing: While the 
average small-company stock fund re- 
turned 17.2 percent last year, according to 
Upper Analytical Services, only three of 
the nine small-stock index funds then in 
existence beat lhat return. 


For Long-Term Plays , Pick Little Enterprises 


J OHN Houlihan, head of the U.KL. 
small-companies research unit at 
the British brokerage Hoare Go- 
vert, has a favorite analogy for 
describing the small companies effect. 

“It's like the acorn and the oak tree,” 
he says. “In other words, when the acorn 
starts to sprout it grows at a tremendous 
rate, but as it nears maturity, its growth 
rate slows." 

Mr. Houlihan believes that small com- 
panies follow a similar pattern. What is 
more, a mixture of anecdotal and empiri- 
cal evidence suggests that he might be 
right. 

Alex Dundas. who runs GT Manage- 
ment’s GT Global Small Companies 
Fund puts it another way. “In theory, the 
smaller the business is. die easier it is for 
it to grow at a high compound rate.” he 
says. 

Research carried out in London by 
Hoare Govett in conjunction with the 
London Business School shows dearlv 


that U.IC small companies’ share prices 
do outperform those of their larger 
brethren over the long term. Indeed 
from 1955 through the end of 1993, the 
Hoare Govett Smaller Companies Index 
outperformed the FT-SE .411 Share Index 
in sterling terms by an average of 43 
percent a year. Similar research has been 
carried out in the United States, with 
similar results. 

The picture is less clear in continental 
Europe and in Japan, but many invest- 
ment managers believe that small com- 
panies also tend to outperform over long 
periods of time in these markets. Gra- 
ham B ampin g, a director of Morgan 
Grenfell Investment Services who coor- 
dinates an international team of 13 small 
company specialists, is one such manag- 
er. 

“The concept rotates around two 
things: growth, and inefficiency in pric- 
ing smaller companies,” said Mr. Bump- 
ing. 


Some advantages of small companies, 
in Mr. Bamping’s view, are a typically- 
greater sense of entrepreneurship in the 
company, a greater likelihood that man- 
agement owns a large number of shares, 
and greater “operational leverage.” 
meaning that profits are highly geared to 
growth in turnover. 

Mr. Bamping attributes the inefficien- 
cy of the small companies marketplace to 
the reluctance of many stock broking 
firms around die globe to spend precious 
analysts’ time researching companies 
that may not generate sufficient dealing 
commission to make it worth their while. 

Small companies do not always, of 
course, sail merrily upward. Many ex- 
perts agree that, historically, small com- 
panies tend to be very geared to the 
economic cycle. So when economic 
growth is negative they do badly but, 
when it is vibrant, so are their profits. 

— Rupert Brace 



■ ,*«!■• fs. 



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■I By Michael D. McNickJe 

S AVING for retirement 
throws the divide be- 
tween investing well and 
investing safely into 
.* sharp relief. 

* The majority of critical opin- 
” Jon on small-company shares is 
favorable, especially when they 
1 are viewed as a long-term pros- 
- poet. But this type of stock also 
< ' has a propensity for short-term 
• fluctuation, a characteristic that 
; prompts some some analysts to 
conclude that the small compa- 
/ ny share is not necessarily a 
1 suitable investment for a pen- 
■ • sion plan. 

! “C5f all the equities, they offer 
• - the best returns — they have for 
■ ; the past 75 yeare,” noted Gcr- 
I aid Perritt, publisher of Invest- 
- ment Horizons, a newsletter 
’ ^»hat follows small caps. “Blue 
'’chips, if you will have returned 
■ ‘ an average of about 12 percent 
. - a year going back to the mid- 
; 1920s. Small caps, for the same 
’. period have returned 17 per- 
k 1 cent, a substantial difference.” 

; * Retirement investment advis- 
! ■ ers who recommend allocating 
; money to mutual funds, Mr. 
■ Perritt adds, don't necessarily 
, 1 brighten the picture. He notes 
; that, industry-wide, the bulk or 
• money in funds winds up about 
‘ a third in bond funds, a third in 
■ money funds, and a third in 
; equity funds. 

' “If your portfolio looks like 
- that, yoo’re looking at a long- 
' term rate of return that's going 
■ to average about 7 percent,” he 
; said. “Nip about 3 percent of 
that off for inflation, and your 
real return's down to about 4 
percent,” 

If the portfolio happens to be 
; taxable, Mr. Perritt said, the in- 
■ vestor might have to whittle an- 
1 other 2 percent off the return. 
. “I think a lot of people who 
- have allocated their assets very 
‘ conservatively are going to be 
• pretty surprised by what little 
; buying power they have,” he 
’■ said. 

. Some analysts might argue 
■ $that a different weighting in the 


funds — perhaps two-thirds in 
blue chips and a third in bonds 
— would boost the returns 
higher than Mr. Perritt's esti- 
mate. 

But individuals with a higher 
tolerance for risk, Mr. Perritt 
raid, might prefer a retirement 
account with equal thirds in in- 
ternational stocks, blue chips 
and small caps. Such a portfo- 
lio, Mr. Perritt added, might 
yield a return of about 14 per- 
cent annually over a long-term 
period. Minus inflation and 
other expenses, he noted, the 
return might be roughly 9 per- 
cent a year. 

“That’s a heck of a jump over 
a 2 percent net real rate,” he 
said. “At 9 percent, your port- 
folio value will double in eight 
years. At 2 percent, it takes 36 
years to double. So you end up 
with four doubles in the time 
you get one. You’re really talk- 
ing about a 16-fold increase in 
your spendable wealth with this 
approach.” 

So, what could go wrong? 
Plenty. 

The specific shares selected 
for such a portfolio, for in- 
stance, might ran against the 
historical trends. Or dramatic, 
short-term shifts in the ac- 
count’s value might cause some 
investors to get out at the wrong 
time. 

Frank Curio, president' of 
the Flushing, New York-based 
F.X.C. Investors, which man- 
ages pension funds and pub- 
lishes an asset allocation news- 
letter, said that small caps 
selected for retirement accounts 
should be rated “B-plus or bet- 
ter” 

He aiso noted that companies 
included in a pension-fund 
portfolio have to be considered 
a “prudent investment” under 
federal and state laws designed 
to protect investors. 

A danger with small caps, 
Mr. Curao said, is the way the 
share price can move on bad 
news. While a blue-chip stock 
might dip a few points if earn- 
ings come in below expecta- 
tions, a small cap could go into 
a lailspm. 


GTAmerfca Grordh^...L:.L 

..t3T America Growth/B 

.Mutual Srs: Discovery 

Robrtsn Staph: Value Ptas* 

P&HG &her$r»' Growth Fund ; 

Robrtsh St^rffeBnergra Growth' 

' MFS Emerging Growth® . — 

AIM:. A®rassiv& Growth. 

Govsth SmaJter Consiarfea 

BrankSn Strat SmCao Gc — 


Schroder 'Gap; US Sma# Go.;., 

Value Onb Small Cap Growth 


AtSH; Aggressive Qrwolhv— ■ 

MFS' Emerging Growth® 

Schroder SrttiSelUSSm Cos—. 

\P8HG Growth 

J. Hancock Special Sgulty/A 

Twentieth Get ratfaust.^.- 

S&y&na: Spscia] Et^rfty 






United New Concepts 

Ro be iug agiro^t^B Gwwth 

Saffron Frontier/A...~ 

Source: Micropet 

“You might have a 50 to 60 
percent drop” in price on a neg- 
ative earnings report, said Mr. 
Curao. 

Mr. Curzio also said that 
small-cap stocks should repre- 
sent no more than 10 to 15 per- 
cent of a retirement portfolio, 
and suggested that those in- 
cluded ought to be carefully 
scru tinized 

The investor, Mr. Curzio 
said, should always “check the 


The investor’s ultimate goal is stability 
toward the end of the plan. One strategy is 
to invest in small companies over the long 
term, and then transfer capital into more 
conservative stocks a few years before the 
date of retirement. 


[U.S.J Securities and Exchange 
Commission filings on the com- 
pany, visit the location, and talk 
to customers.” Since “98 per- 
cent of these small companies 
are gone in five years,” he add- 
ed. investors should be careful 
to avoid firms saddled with 
debts. 

Other analysis say that 


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New York Condo Prices 
. Show Large Quarterly Rise 

Prices on all sizes of luxury condomini- 

• urns in New York City have jumped by a 
; substantial margin so far this year, ac- 
cording to a report just out from Ambrose 

• Mar Eh a Co., a Manhattan residential 
realtor. 

The survey, which covers 63 luxury con- 
dominium buildings, showed that the av- 
erage price of a condo rose from $521,888 
in the first quarter to $615,469 in the 
second quarter. The numbers were boost- 
ed in part by the recent record sales of 
several unusually large condos. One ten- 
- room duplex, for example, sold for 
$6,008,000. 

Prices of apartments on Manhattan's 
■ East Side ranged from S335 a square foot 
; for a studio to $589 a square foot for a 
residence with five bedrooms or more. The 
largest number of sales was in the two- 
bedroom category, at $408 a square foot 

Joan Ambrose, president of Ambrose 
MarE&a, noted that while there were only 
a few more sales in the second quarter 


than for the same period two years ago 
(162 versus 154), dollar volume was 25 
percent higher. “The increase is an obvi- 
ous indication that prices are on the rise 
for Manhattan apartments ” she said. 

First-Half Trading in ADRs 
Shatters Records In U.S. 

The appetite of U.S. investors for inter- 
national companies continued unabated 
in the first half of this year. Trading in 
American Depository Receipts, dollar-de- 
nominated shares of foreign companies 
which trade in the United Stales, soared to 
a record volume of $128.5 billion, a 53 
percent increase ova: the same period a 
year ago. 

Same 69 new ADRs were launched, 
bringing the total to 1,031, according to 
figures just released by the Bank of New 
York, a prominent player in the ADR 
marketplace. 

But while the largest offering. $1 mil- 
lion, came from Tele Danmark A/S, the 
Danish phone company, the big stoiy con- 
tinued to be the new markets of Asia and 


Latin America. India had the most new 
listings, 14, including names like Reliance 
Industries Ltd. whose businesses include 
textiles and polymer chemicals, and Ran- 
baxy Laboratories, a maker of pharma- 
ceuticals. 

“Demand for shares from India re- 
mains very strong, and there will be more 
in the pipeline over the next quarter," said 
Ken Lopian, a senior rice-president with 
the Bank of New York. 

Brazil came in with 12 company Listings 
but Mexican shares, bolstered by NAFTA 
and the presidential election which passed 
without incident, took the lion's share in 
trading volume of Latin American ADRs, 
accounting for 34.5 percent. Also issuing 
stock in the United States for the first lime 
were companies from Ghana, Sri Lanka 
and Peru. 

Next Week in the Money Report: Man- 
aged derivatives and hedge funds. 

The Money Report is edited by 
Martin Baker 


Scaled-Down 


By Barbara Wall 


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S TOCKBROKERS are 
expressing mixed opin- 
ions over proposals to 
create an alternative se- 
curities market for small British 
. companies. 

Those strongly in favor of the 
idea say that the new market — 
due to be piloted in Scotland 
early next year — will provide 
small companies with an in- 
valuable source of fun d ing and 
lend investors an excellent op- 
portunity. However, skeptics 
warn of potential liquidity 
problems and lax regulatory re- 
quirements. 

Geoff Douglas, head of the 
• small -comp antes research unit 
at the brokerage Barclays de 
Zoete Wedd in London, says 
that his immediate reaction to 
the alternative investment ex- 
change is that it would be a 
highly deregulated “thrills and 
spills” type of market, even 
moreso than the unlisted securi- 
ties market that it is designed to 
replace. 

Under the proposed plan, en- 
try would be made available to 
as wide a range of companies as 
possible with few restrictions 
on market capitalization, length 
of trading record or percentage 
of shares ia public hands. In 
addition, companies would 
^need only submit one year of 
audited accounts to obtain a 
listing. 

Regarding disclosure, compa- 
nies would need to meet certain 

ongoing obBgations mdudmg 
publication of unaudited intenm 
figures. Companies would also 
be required to publish “p nc ^ 
sensitive" information prompt- 
ly but the definition of that term 

would largely be left to the direc- 
tors’ discretion. 

John Laydon, an executive 
with Scottish Financial Enter- 
prise. the trade association of 


Scottish financial institutions 
charged with organizing the pi- 
lot scheme in Scotland, says 
that the regulations are appro- 
priate for small companies 
seeking to raise lower amounts 
of capital than is usual for Lon- 
don Stock Exchange-listed 

companies. 

Tne question on many lips is 
whether or not the alternative 
exchange could harness the 
support of the stock broking 
community, the U.K. small 
companies themselves and, of 
course, investors. 

“Questions have to be raised 
over listing requirements and 
disclosure if the exchange is to 
get support from stockbrokers 
and attract interest from quali- 
ty companies,” said Jeremy 
Batstone, a researcher with 
NatWest Markets in London. 

“The market is sensitive at 
the moment because several flo- 
tations have gone badly this 
year and that is with a high 
degree of disclosure. An oft- 

3 uoted fear is that the new ex- 
liange wfil be used by compa- 
nies to stave off bankruptcy." 

Elizabeth Kennedy, an exec- 
utive with the Scottish broker- 
age Allied and Provincial, be- 
lieves that most stockbrokers 
are generally supportive of the 
alternative exchange. 

“Many brokers, however, 
will only be prepared to recom- 
mend mature companies with 
good growth potential,” she 
said. “The market will therefore 
need to have a reasonable bal- 


ance of listed companies — not 
just a profusion of high risk 
biotechnology concerns — if it 
is to be successful.” 

Some analysts say that the 
success of the market will ulti- 
mately depend on the extent of 
support it receives from institu- 
tional investors. Haring can- 
vassed a large number of inves- 
tors in Scotland, notably the 
major pension funds and insur- 
ance groups, Scottish Financial 
Enterprise is quietly confident 
of the sector's support. 

A spokesman for the UJL 
insurer Scottish Amicable said 
that any move which improves 
the liquidity of smaller compa- 
nies would be welcomed. 

“Institutional investors are 
unlikely to be too concerned 
about hsting requirements and 
disclosure, as most have the re- 
sources and contacts with in- 
vestment companies to illicit 
the information needed to make 
informed investment deci- 
sions," he said. “However, as 
the market is to be less regulat- 
ed than the official list, it would 
have to carry health warnings 
for private investors.” 

Jane Kartvoski, corporate fi- 
nance director for the Scottish 
branch of the international au- 
diting firm Arthur Andersen, 
believes that the alternative 
market may shake out a new 
class of investor. 

“Up until now it has been 
extremely difficult for the pri- 


vate client to invest in smaller 
companies if they are not pub- 
licly quoted,” she said. “The al- 
ternative market will not only 
attract interest from regional 
investors who have a handle on 
some of the local companies 
quoted, but there is also noth- 
ing to stop foreign investors 
from dipping their toes in the 
water." 

Some hope that the market 
would attract interest from a 
broad range of companies botii 
in the United Kingdom and in 
continental Europe. Many 
small, family-run businesses 
have been precluded from gain- 
ing a listing in the past because 
of their small market capitaliza- 
tion. But the new market, ana- 
lysts say, could widen their op- 
tions. Fl has been suggested that | 
companies could come to the 
market to raise as little as 
£100,000 ($154,000), although 
£500,000 is probably a more re- 
alistic figure. 


The Offshore-Fund I run made from 1 . Sept. 93 - 31 .8.94 a 
gain of 5221% (August is estimate, change win be minor of 
aroung 0,50%) and had 1 1 winning months and only 

1 losing month Of -3.62%. i 

Sept. 93-Aug. 94 + 52,21% 

1 1 winning months and 1 losing month of -3.62% 

please CaH: +1-809-322-S839 or 32-93-25 IS S2 


Learn why convertible bonds 
are better and safer than shares. 
All in vour own account with a | 
major European hank. Complete 
privacy. Minimum S25.000.00 

PS Portfolio Services S.A. 
Transmission Office 
Zumikerstr. 18, 8702 
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Fax: j_4J_ 1) 392 0355_ 

Name - . I 

l Addr.: I 

I I 


® This is rwi an offering. 


Europe’s Small Firms Poised for Gam 


.128.85 
.125.95 
. t2tj3Q 
,121.32 

12 OM 
,119.13 
.119.06 
.4 AM* ‘ 
11655 i 
,iis.5i 
. 115,15 1 
,11457 ! 


....... 287^4 I 

.».L 262.65 1 
....... 256.69 i 

: 251,57 

242£3 

241.43 

231.63 

-J. 22858'- 

-220.38' 

2t7JJ5 

-^.>21543 
—£.2*1.79 
210.20 


“true" small caps, or those with 
the best long-term potential, are 
usually no larger than $150 mil- 
lion m market capitalization. 
And critics note that firms capi- 
talized up to $1 billion are often 
wrongly labeled as small caps. 

Moreover, funds that make 
trades worth tens and hundreds 
of millions of dollars can have 
trouble buying and selling true 
s mall caps without wreaking 
havoc on share prices. 


The retirement investor's ul- 
timate goal of course, must be 
stability toward the end of the 
pension plan. Analysts say that 
one workable strategy is to in- 
vest in small companies over 
the long term, and then transfer 
capital into more conservative, 
less volatile assets a few years 
before the date of retirement. 


By Aline Sullivan 

S MALL companies in 
Europe are likely to of- 
fer investors excellent 
returns in the near fu- 
ture as economic recovery gath- 
ers pace in Britain and on the 
Comintern, optimists say. 

Identifying the star perform- 
ers may be tricky, but some an- 
alysts argue that small compa- 
nies routinely outperform 
larger ones during upswings in 
Lhe business cycle. 

Frank Manduca, manager of 
Gartmore Investments’ U.K 
Small Companies Trust, said 
that small companies should 
benefit most from economic re- 
covery over the next few years, 
thanks to their narrower busi- 
ness base and geographic spread. 
His fund is targeting companies 
with relatively high debt-te-equi- 
ty ratios because, he said, they 
are The most likely to benefit 
from low interest rates. 

The attractiveness of small- 
capitalization stocks as recov- 
ery plays is well illustrated by 
their recent robust performance 
in Britain, where many econo- 
mists agree that economic re- 
vival is well underway. 

For example, the fioare Go- 
vett Smaller Company Index, 
which monitors the perfor- 
mance of about 1,500 compa- 
nies representing the bottom 10 
percent of U.K stocks by mar- 
ket capitalization, outper- 
formed the FT-SE All Share in- 
dex by almost 16 percentage 
points last year. 

Michel Person, manager of 
Lazard Frferes & Cie’s Objectif 
Dynamique Fund in Paris, said 
be is currently concentrating on 
small companies in the French 
sendees sector, such as Spir 
Communication, based in Aix- 
en-Provence, and Grand Opti- 
cal Photoservices. In the car 
equipment sector, Mr. Pierson 
likes Sylea and MGI Coutier. 
both based in Paris. 

Observers note that the rela- 
tive anonymity of many small 
companies can be a big plus for 
investors. “The biggest compa- 
nies are usually the ones that are 
best covered by brokers," said 
Anthony Bolton, manager of the 
Fidelity Special Situations Trust 
in Britain. “Stocks that are mis- 
priced and under-researched are 
unlikely to be found among the 
big companies." 

This is particularly true in 
Continental Europe where a 
shortage of small, publicly 
quoted companies can make 
shares hard to buy. Indeed, say 
analysts, small companies on 
the Continent are often family 
enterprises whose owners tend 
to prefer raising money with 
debt instead of equity. 

And even when shares are 
available, observers add, unso- 
phisticated accounting methods 
and sporadic dealing proce- 
dures in some European coun- 
tries, particularly those in the 
former Soviet bloc, can frus- 
trate foreign investors trying to 
assess their value. 

“There are still great anoma- 
lies in Europe b«ause the li- 
quidity and availability of in- 


formation on some companies 
is atrocious.” said Jonathan 
Neill, manager of Pictet Bank & 
Co.’s European Opportunity 
Fund, continental Europe's 
largest fund specializing in 
small-company shares. “This 
extraordinary inefficiency cre- 
ates great opportunities for in- 
telligent investors.” 

These little known gems are 
getting harder to find, however. 
Mr. Neill warned that increas- 
ing numbers of fund managers 
are pursuing European small 
company stocks because they 
offer the best growth opportu- 
nities. This burgeoning interest 
will eventually translate into 
higher share prices, he said. 
“The anomalies will be ironed 
out as the markets become 
more efficient,” he said. 

The first stage of this process 
may be already happening. 
More small European compa- 
nies appear to be seeking a mar- 
ket listing as family- owned 
firms are passed on to younger 
generations. One manager cited 
the example of Fielmann. a 
German optical firm that made 
its stock market debut on Sep- 
tember 5. 

At the same time, say other 
analysts, investors in small Brit- 
ish companies should not aban- 
don the sector following its re- 
cent upward charge. Further 
gains, they say, may lie ahead 
because many of these compa- 
nies are highly exposed to other 
European markets and could 
show additional strength as 
those economies improve. 

Not everyone is bullish about 
the immediate prospects of 
small companies in continental 
Europe. Peter Sullivan, a Euro- 
pean equity strategist at Merrill 
Lynch in London, believes that 
high taxes and high unemploy- 
ment in many European coun- 
tries will continue to suppress 
consumer spending for at least 
two years. Until then, bigger 
companies with high exposure 
to expanding overseas markets 
are likely to outperform their 
smaller rivals, he said. 

“There is always the odd small 
company with a high proportion 
of its sales to the Middle East or 
somewhere in Asia.” Mr. Sulli- 
van added. “But companies gen- 
erally require economies of scale 
to export across the globe. For 
now, the big European compa- 
nies with sales to the developing 
countries are still the most at- 
tractive investments “ 

Small companies can also be 
risky because they are highly 
vulnerable, particularly during 
recession. Private investors 
should not limit their exposure 
to any one firm and should 
make ’sure that their holdings 
are spread across several sec- 
tors, say experts. 

The rewards of small compa- 
nies, however, may well be 
worth the risks. If "the British 
experience proves a guide, small 
companies may be among the 
top performers across Europe 
within the next few years. 

“Small companies tend to 
produce better returns and they 
are also the most likely to be the 
target of an attractive takeover 
bid.” said Mr. Bolton. 


Funds Provide Easy Access 

F UNDS are often the that fund about five years age 
best way for individual would now be worth SI 87.25. 
investors to gain expo- British funds performed wel 
sure to small com pa- over the five-year period be 


F UNDS are often the 
best way for individual 
investors to gain expo- 
sure to small compa- 
nies, say market watchers. 

In Europe, while investors 
have considerable choice 
among funds that invest in Brit- 
ish small companies, pickings 
are slimmer in continental Eu- 
rope where small-company 
stocks are scarce and trading in 
the existing ones is often illi- 
quid. But as economic recovery 
strengthens, analysts say. seek- 
ing out the funds that invest in 
continental companies may be 
well worthwhile. 

Twelve of the top 20 Europe- 
an small -company funds over 
the past five years were exclu- 
sively invested in British equi- 
ties, according to fund-moni- 
toring group Micropal. The 
remainder were divided equally 
between Europe-wide fund’s 
and French funds. 

The best performer over a 
five-year period was Hill Samu- 
el Asset Management Group's 
Emerging Companies fund. 
One Hundred dollars invested in 


OFFSHORE 

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that fund about five years ago 
would now be worth SI 87.25. 

British funds performed well 
over the five-year period be- 
cause many of their compo- 
nents were regarded as plays on 
the country's economic recov- 
ery. But now that Britain's re- 
covery is well underway, profes- 
sional investors are looking 
across the Channel in anticipa- 
tion of greater economic revival 
on the continent. 

This shift has already been 
reflected in the performance of 
Europe-based, small-company 
funds. Six of the top 20 per- 
forming funds over the past 
twelve months were focused on 
French equities. 

— Aline Sullivan 



Protesdam Nome a. Rflto a g s fca) km H 
Adralmstralfcn Settees cratoSea 
reasons!*? cod. AB tees agreed w#ic3enB n 
wtfinohti&nerti2i m 


% U.K. LTD El 20 gg 

! 9 U.K.PLC £325 S 

6 BAHAMAS S500 » 

• B.V.I. S500 ■ 

• DELAWARE S295 9 

[ • GIBRALTAR £250 fl 

I 9 HONGKONG S350 ■ 

I • IRELAND £225 B 

• ISLE OF MAN £250 S 

• JERSEY £435 5 

I • PANAMA S500 S 

i • W SAMOA S750 ® 

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life DIANA BEAN 
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All Cretin Cwds aeopod 


i Best European Small-Company Fluids 

! Leading mutual funds investing in European smaU companies. Value l 
\ of Si 00, income reinvested, excluding charges. 1 


j . \w-.> ■; '>•••.'. .-/• :r-. 

. Second MaroneCoroptent 

Morgan Grenfell Suropa... 

. ObjecM Dvnamique 

• fi&gewMSSsnce 

; Pictet U 7. Euro Opportunity 

Hill Samuel UK Emerging Cos .... 

: Swissca Small Caps - 

j Vontobet Swiss SmaH Corroanies 

• Guinness Fli^Tt TB Eroerg Cos 

; Schroder European Smaller Cos 

■ *<.%*/ i. -'fCi.tT s * * 

j Hffl Samuel Emerging Cos 

I Objectrt Dynamique 

’ Thomsen UR Smaller Cos 

: Rcyal Lite Uk emerging Cos 

I Gumnes& Flight TB Emerg Cos 

• INVESCO European Sml Cos 

1 Saint Honors PME 

{ Francic Regions - 

: Edtfi&urq UK Smafer Cos 

; BG UK Smaller Companies 

Source: tAcropa* 


151.51 • 


..18T.2& 



i$£.03 

1S3 20 

166 30 

160 38 

133.07 

153 49 

151 S3 


Best Performing Mutual Funds 


Leading mutual funds from Belgium, Britain, France, Germany, 
Ireland. Italy, Luxembourg, Offshore Territories. Switzerland and tho 
Untied States. Value of S100. income reinvested excluding charges. 


-S*. •; -• '. ", 

Eternity 

Brazilian Inv. Co 

Infinity.. 

Nestor Latelnamerik3 - 

Cmaam Equity 

CIBC-CEF Malay Thai Sing Wart. 

Ca Bandar fund US Healthcare 

Europa American Option 

NIC AM Malaysia Fund 

Republic Latin Am Venezuela 

Morgan Grenfell Latin America .... 

Mercuiy ST Latin America . 

Genesis Malaysia btaju 

JF Malaysia - 


13594 

131.fi? 

.129.55 

1272J 

13665 

125.44 

.121.46 

120.53 

12095 

12006 

119 S3 

. 519 46 

119.33 

119 21 




NiCAM Philippines Fund 

ManBa Fund (Cayman) Ltd 

JF Thailand 

JF Taiwan Trust—. 

Prov Capitol Thailand 

Fidelity Fos Titsvland 

JF Ninja - 

JNVESCQ Taiwan Growth 

tNVESCO Asia i iger Warrant 

CL Pakistan Growth 

Eternity 

Thornton Taiwan Equity Growth 

Thornton Taiwan Equity Income 

Thornton New Tiger Thailand 

'.’f Wf:?-. • -V '?•:>'< ;i?V rT; i— 

rV. ^r*n . .. :*v S-ii . 

Quantum Fund 

Thornton New Tkjar Hong Kong 

Colonial Securities Hong Kong. ... 

Gartmore Hong Kong ? 

Schroders Asia Hong Kong 

Indosuaz Hong Konq 

JF ThaHand i 

GAM East Asia 

Banng iUF Hong Kong 

CL Singapore Growth 

Aetna tFE) Asia Trust — 

Prov. Capitol Hong Kong 

HSBC GIF Hong Kong Equity 

iNVESCO Hong Kong S China 


2 1C. 33 

207.51 

207.17 

206 32 

196 57 

195 00 

193.85 

133.62 

199 10 

1 96.94 

-.193.35 

157.S9 

183.99 

183.41 


373.47 

560.14 

522-75 

507.13 

4E624 

458.22 

438.44 

437.92 

431.10 

432.00 

412 71 

411.56 

40339 

401.87 


Source- Micrrpa/ 



EARN UP TO 


pa gross 

equal to 


1.88 

compound interest* 

GUARANTEED 


You can now take advantage of these 
attractive rates for fixed term deposits. 

| £50,000- £250,000 | 



FIXED PERIOD 

GROSS FIXED RATE 

COMPOUND 

INTEREST' 

2 years 

6.250% pa 

6.44% 

3 years 

6.875% pa 

7.35% 

4 years 

7.250% pa 

8.07% 

5 years 

7.625% pa 

8.88% 


Attractive rates are also available for £1,000 to £49,999, 
and for 1 year fixed period. 


Interest rates are guaranteed not to change during the 
period of deposit. For further information about the full 
range of Lombard deposit accounts for amounts of 
i 1 .000 and above simply fill in the coupon and send it 
to Lombard or call us anytime on 071 400 3-*3-* quoting 
reference 150” or Fax us on 071 629 3™39. 


P ; Lombard | 


DEPOSIT ACCOUNTS 

TV'. Chn- KirLiiw.. 

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NAME I'll Mr- Mr-s Ms' 

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Page 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, SEPTEMBER IO-1L 1994 



SPORTS 


Australia’s Perkins and Riley Set 
Worid Records at Championships 


The Associated Press 


ROME — Australians 
Kieren Perkins and Samantha 
Riley set worid records Friday 
at the Worid Swimming Cham- 
pionships as the number of new 
marks rose to six. 


Perkins, who also holds the 
world record at 800 and 1 JOG 
meters, snipped I JO off the old 
the 400 freestyle mark by swim- 
ming it in 3 minutes, 43.80 sec- 
onds. He still has the 1,500 to go 
and can attack that record Sun- 
day on the final day. 


the Commonwealth Games and 
also came within 0.77 of the 400 
mark set when Russia’s Evgeni 
Sadovy beat him at the Barcelo- 
na Olympics. 

The lean Australian went 
through the first 100 in 53.96 
seconds, 0.65 inside worid re- 
cord pace and improved that 
difference to 1.63 by halfway. 


Wunderlich, swimming in the 
unfavored outside lane, moved 
up to take the lead at the third 
touch in the 200 final. 


Rosza, who had led for the 
first 100 meters, fought back to 
draw level and, in a ti gh t finish, 
won by 0.06 of a second in 
2:12.81. 


□y, with Sweden third and Rus- 
sia fourth. 

Even world record holder 
Alex Popov could not make up 
the deficit 


Riley, winner of the 200 
breaststroke on Tuesday, raced 
away from China's best two 
breastsirokers in the 100 final 
and won by four meters as she 
clocked 1 :u7.69 and broke Silke 
Horner’s 7-year-old record. 


By that time he was well dear 
of Finland’s Antti Kasvio and 
Danyon Loader of New 7 Zea- 
land and had no one to push 
him as he turned for the final 
length. 

At the finish he was 10 meters 
ahead of Kasvio, who clocked 
in 3:48.55 as he held off Loader 
for the silver. 


Behind Wunderlich came an- 
other Hungarian, 100-meter 
worid record bolder and world 
silver medalist Karoly Guttler, 
in 2:14.12. 


The Americans stayed ahead 
of the field throughout the relay 
final although the Russians and 
later the Germans challenged. 


In other events in the pool, 
Hungary's Norbert Rosza add- 
ed the 200 breakstroke title to 
his 100 triumph by beating 
American swimmer Eric Wun- 
derlich, and Liu Li min and Qu 
Yiw underlined China's overall 
supremacy in women's racing 
by placing first and second in 
the 100 butterfly final. 


Riley went out fast in the 100 
breaststroke and virtually had 
the gold medal won by the first 
turn. 


By the time Hall took over 
from Taner, the Americans had 
a 1.33 second lead over Germa- 


He swam an 48.22 to over- 
haul Germany's Christian Kel- 
ler and Sweden’s Anders Hol- 
tnertz win silver for his t eam 
But be was not to catch Hall 
and the Americans clocked 
3:16.90, only 0.37 off the worid 
record. 

Russia's time was 3:18.12 
and Brazil, with 100 bronze 
medalist Gustavo Borges swim- ' 
ming the final leg in 48.28. came 
up to take the bronze. 

In the women’s 800 meter 
heats earlier, world record hold- 
er Janet Evans was fastest qual- 
ifier for Saturday’s final. 



NHL Backs 
Plan lor 
’98 Games 






«-• 


Agence France-Presse 

HELSINKI — The 
sionals of the National 
League will compete at 
Olympics for the first tube in 
1998 under an accord struck 
here Friday. 




_ * 


■P 


Gary Bettmam the toad- of 
the NHL,! 


__ .... __ _ ■ 

Vnccm Amatiy/Agcnce Francc-Prac 

Samantha ROey capped her 100-meter breaststroke record with a winning smile. 


She reached it in 31.86, 0.14 
inside a worid record pace and 
was four meters clear of the two 
chasing Chinese when she fin- 
ished. 


Top U.S. Official Joins in Claims Chinese Are Using Drugs 


By Christopher Clarey 

VfH' York Times Service 


Dai, winner of the 400 indi- 
vidual medley, clocked 1:0926 
and Yuan was third in 1:10.19. 


credibly naive to ignore the cir- 
cumstantial evidence," said 
Dnx<fT: ■_ Pursley, who called C hina 's suc- 

■isr-T^ t°P. US. swim- u* replica’ of Hast 

nnng official has said he is con- Gennan/s ^ 


vinced the Chinese are winning - w ,“ cn !“ ? omen 

witt ttc hdp of banned 


The American 400 freestyle 
relay quartet of Jon Olsen. Josh 
Davis, Ugur Taner and 100 sil- 
ver medalist Gary Hall set a 
championship record as it led 
from start to finish to win the 
gold. 


In the women’s water polo 
final, Hungary downed defend- 
ing titlist the Netherlands, 7-5, 
and, in synchronized swim- 
ming. Bosky Dyroen-Lancer 
won the solo title for the United 
States. She also has a chance of 
golds medals in the duet and 
team events. 


In the women’s buti 
Australia’s Susan O’Neill 
touched first at the mm but Liu 
quickly overtook her on the re- 
turn length and won in a cham- 
pionship record 58.98, tying the 
world’s best time this year, 
which she also owned. 


Qu touched in 59.69 for the. 
silver and O’Neill held off 
countrywoman Petria Thomas 
to take the bronze. 


Perkins set his 800 and 1,500 
marks only two weeks ago at 


German star Franzi Van 
Almsick, who won the 200 free- 
style gold medal in a world re- 
cord time on Tuesday, placed 
fifth, ahead of American Jenny 
Thompson. 


performance-enhancing drugs, 
and has called for more strin- 
gent testing. 

Dennis Pursley, the national 
team director of U.S. swim- 
ming, was not the first swim- 
ming official from the West to 
accuse the Chinese of using per- 
formance-enhancing drugs 
when he did so Thursday night. 

But his prominence, and the 
timing ana vehemence of his 
comments, coupled with those 
from national coaches like Da- 
vid Haller of Britain and Dave 
Johnson of Canada this week, 
suggest that an anti-Chinese co- 
alition may be forming. 

“I believe you have to be in- 


Several former East German 
swimmers have since admitted 
using anabolic steroids. 

“We can’t put our heads in 
the sand again and pretend 
what we know is happening 
isn’t happening.” he said. 

Cheng Yun-Peng, the nation- 
al te chnical director of the Chi- 
nese swim team, replied that 
“people are suspicious because 
we are getting stronger very 
quickly." 

“The first thing is that maybe 
we haven’t helped other people 
understand how hard we train. 
The second thing is maybe there 
are some sour grapes. The third 


thing is that, for many years, 
there have been just Europe and 
America in swimming, no Chi- 
nese, and they can’t stand that 
we catch up to them." 

Several coaches have dis- 
cussed formally petitioning 
FINA after the championships 
for more frequent testing. 
FINA began out-of-competi- 
tion testing last year and, ac- 
cording to Dr. Allan Richard- 
son, the American who chairs 
FINA’s medical committee, 
only 40 athletes were tested in 
the first eight months of 1994. 

“That's dearly a very small 
number; track is doing about 
1,000 a year,” Richardson said, 
referring to track and field. 
‘TINA understands that, and 
everybody agrees we need more 
tests. It’s only a question of 
funds and manpower.” 

He said drug tests are being 


administered here to every gold 
medalist, with random testing 
of other finalists and swimmers 
who) fail to qualify. He declined 
to divulge the number of swim- 
mers tested so far. 


s tanding s. As soon as someone 
sees them, they think doping.” 


According to Cheng, weight 
training is one of the key de- 
ments m C hina ’s ability to pro- 
duce so many top female swim- 
mers so quickly and in their 
often mnsftnlflr buOdS. 


He said the Chinese, unlike 
American and European swim- 
mers, also continue lifting dur- 
ing their 
often up 
jor competitions. 

“Most of the swimmers I've 
seen here from other countries 
not very strong,” Cheng 


Cheng said testing is con- 
ducted at every major national 
and regional competition in 
China. He also said that FINA 
had come to China twice to test 
his athletes out of competition 
in August 1993 and last June. 

Pursley said sources told him 
the Chinese were notified of 
FINA’s visit three weeks before 
the testing officials arrived. But 
Cheng sard the lag in notifica- 
tion and testing was “five or six 



are 


said. “Speed depends on power, 
and power depends on a muscu- 
lar body. The problem is that 
big muscles create misunder- 


ent parts of 
“We are in total favor of 
more out-of-competition drug 
testing, even blood testing/ 1 
Cheng said. “But it must be fair. 
If you test Chinese, you must 
test Europeans and Americans 
just as much.” 


and Rent Fasd,| 
ideat of the International Ice 
Hockey Federation, signed or ' 

agreement that will allow the 
NHL players to compete in Na- 
gano, Japan, in 1998. 

The NHL players’ union stfll 
must approve any plan sending ' 
league players to the Olympics, 
ana such discussions are tied , 
into ongoing labor talks be-.', 
tween MIL owners and plwp .. 
ers, who are without a contract ; 

The accord reached Friday" i 
will also be submitted' to the / 
International Olympic Com? 1 
mittee for approval. 

Under it, the NHL. will’ 
schedule an eight-day gap in its . '< 
season during the Games, free- ' 
mg players to represent their 
countries. 

The Olympic hockey compe- * 
tition lasts 16 days, but pre-.'; 
qualifying introduced under the ' 
accord should ensure that right ' 
days will be enough for teams:-' 
with NHL players. - 

A qualifying tournament in 
1997 will classify teams and -', 
those grouped from seventh * 
through 12th place wiD compete 
in the first week of the Games ~ 
for two berths' in the tiA&al: 
round alongside Canada, Rxu- , 
sia, Sweden, Finland, the Unit- ~ 
ed States and the Czech Repub- V 
lie. ■ ' 

NHL officials are also wade- ' 
ing with the global federation 
on forming a European 


- I'*'* 




, .->*«• 


Jw?* 


rrn 

limit 

itrrut 


. , . • <s 


•at. 


» P* 




•> =.-* 
in- 


on terming a European street ~ 
league to begin play by few - •• 
1996. NHL officials have also -v.i 


SIDELINES 


agreed to apian to pay the fed- 
eration $400,000 for each Euro- 
pean player signed. ’ * 

& 


it ~ 

-.. . 

i* " 


England Invites Brazil Soccer Team 


LONDON (AP) — England, looking for quality competition as 
it prepares for the 1996 European Championship, has invited 
World Cup champion Brazil to a four-nation soccer tournament 
next June. 

The tournament, still in its planning stages, would also include 
Sweden and Japan in a nine-day extravaganza at Wembley Stadi- 
um. 

• The Naval Academy’s football team has agreed to arrange a 
game with Notre Dame in Dublin in 1996, Senator Edward 
Kennedy said be had been informed by Navy Secretary John H. 
Dalton. 


Suns Get Maiming 
For a Mere Million 


SCOREBOARD 




. ■ 


The Associated Press 


Japanese Leagues 


PHOENIX — Danny Man- 

3 has signed a one-year, $1 
on contract with the Phoe- 
nix Suns, accepting 20 percent 
of his market value to join one 
of the NBA’s best teams. 


CnMLmiw 


Mansell’s Florida Estate Up for Sale 

CLEARWATER, Florida (Reuters) — British race car driver 


Nigel Mansell, who is asking $15 million, has put his 4.35-acre 
(1. 76-hectare) estate on the Gulf of Mexico up for 


Manning bad said this sum- 
mer that he wanted to play in 
Phoenix and would sign for 
whatever the Suns could offer 
under the salary cap. He made 
$3.5 million last year. 


Mexico up for sale. 

Mansell, returning to the Formula One circuit after two seasons 
of Indy car racing in the United States, will move to Britain's Isle 
of Man, the St. Petersburg Times reported. 


For the Record 


Akebono, the American grand champion, said he will sit out the 
Autumn Grand Sumo Tournament; it will be the third consecu- 
tive tournament he has missed because of knee injuries suffered in 
the tournament in May. (AP) 


Ron Grinker, Manning’s 
agent, told The Phoenix Ga- 
zette the signing was done qui- 
etly in hopes that it would not 
attract the interest of the NBA 
But the Suns’ president, Jeny 
Colangelo, said that because 
Manning was signed for just 
one season, the NBA will not 
take exception to the contract. 



W L 

T 

Pet. 

OB 

Yomlurl 

63 53 

0 

5*3 

_ 

Hiroshima 

<0 55 

0 

522 

2ta 

OiunlOil 

n 56 

0 

509 

4 

Hanehln 

58 58 

a 

500 

5 

Yakuit 

52 60 

0 

X64 

9 

Yokohama 52 el 0 

Friday's Results 
Hiroshima 12 Yomlurl 1 
ChunkM 3. Hanstiin 1 
Yokohama 4. Yakutt 3 

Pacific Leagw 

X60 

m 


W L 

T 

Pet. 

GB 

SeSxi 

65 48 

0 

573 



Kintetsu 

41 50 

2 

550 

3 

Orix 

61 50 

2 

5JD 

3 

Dalai 

60 53 

1 

531 

5 

Lotte 

47 65 

1 

X2B 

17W 

Nippon Ham 

41 69 

4 

■373 

22*a 


Doubles 

SenHteals 

Jaeco Eitlnah and Paul Haarhuls. Nether- 
lands (3). del Wayne Ferreira, South Africa, 
and /Mark Knowles, Bahama* (la), 0-3, 7-5- 

WomaaY PooM ei 
Quartern eats 

Jana Novotna Cadi Republlc,«md Arantxa 
Sanchez Vkorto, Spain {2J, def. Lindsay Dav- 
enport oid Lisa Raymond, U5. C5), 0-2. 0-4. 


lilUl; 7, Jooaulm Fernandez, Spa in, 2: 1A97 j 
t Eric Wunderlich. US- 2; 1102. 

4M Freestyle: 1. Antti Knsvto, Finland, 
3:5104; 2. Danyon Loader, Now Zealand 
3:51.07; 3, Kieren PerWna Australia 3:51.75; 
4, Steffen Zesner. Germany, 3:51-70; & Daniel 
Kowalski, Australia, 3:52.19; 6. Jaro Hoff- 
mann, Germany, 3:5237; 7, Tam Dotaa US. 
3:52X7 8. Plor Marta Slcittana Italy. 3 :3 2881 


dwst Murpnv. Australia, 321.81. 9, Raman vo- 
todkov, Ukraine, 517X5. 10. Fernanda Ptafas, 
Mexico, 507.91 11. Andrei KvotaMnsM. Be- 
larus. 304X2 12. Chris Mantilla Uni tad States. 
50235. 

WATER POLO 


er; and Sieve Gibraltar, outtleklef. from Chat- “ 
tanawa. SL 

PITTSBUR GH — R ecalled Tim Wakefield ;■ 
aid Bias Minor, Pttttier* and Kevin Yours, 
Infletaer, from Buffalo. AA. 

BASKRTBALL 


.1 


; 

k ’ e 


-i;? 


t i: 


Major College Scores 


SOUTH 

W. Kentucky 39. Murray St 13 
MIDWEST 

W. Michigan XL W. Illinois 7 
SOUTHWEST 

sw Texas SI. 20, N. Iowa 19 
Nehroska 42 Texas Tech 16 


Fridays Resell 
Orta 8. Kintetsu I 


World Swrtm Championships 


SWIMMING 


U.S. Open 


MmI Slagles 
Quarterfinals 

Karel Nawacek. Czech Republic, del Jaime 
Yzaoa, Peru. 6-2 6-7 17-9), 6-1, 5-7, 6-3. 

Michael Stlch (41. Geriraw. def. Jems 
Blorkmon. Sweden, W, K 6-7 f7-9), m. 


< x MM Refer: l Brazil 3:21.39; 2 United 
States 3:21X9; 2 Germany 3:2132; 4, Russia 
3;22J&;&Au5tratta3:33URi6,SM«dan3:22XS; 
7. France 3:2263; I, Canada 3:2533. 

200 Breaststroke: 1, Akira Hayadit, Japan. 
2:13J4; 2 Andrei Ivanov, Russia, 2:15X2; 3. 
Korety Guttler, Hungary, 2:15X5; Norbert 
Rona Hungary, 2:15X5; 5, Nick Gillingham, 
U K- 2:15X1; 6» Seth Van Neerdea UJ- 


000 Freestyle: L Janet Evn, U-S- 8:31.91 ; 
Z Luo Ptaa. China 8:32X0; 

Z Jana Henke. Germany. 8:35-94; 4. Hoviev 
Lewis. Australia 8;36X1 ; 5. Ctaudla Poll. Cos- 
ta Rica 1:3720; 4. Brooke Bennett. U5- 
1:37 J8: 7, Stoeev GartrelL Australia 8:37X1; 
2 Irene Oclbv. Norway. 8:48X1 
IN Breastatrake: 1, Samantna Rllev. Aus- 
tralia 1:09X7; 2 Penelope Heyns. S. Africa 
1^1979; 3. DoIGuohona, ChhW, 1:0952; 4, Otuo 
Prokhorova Russia 1:10X7; 5. Yuan Yuan, 
China 1:1070; 6. Lisa Flood, Conoda, 1 :107l ; 
7, Masaml Tanaka Japan. 1:1075; i, Brigitte 
Becua Belgium 1:1279. 

M8 Butterfly: L Lhi Umta. China 1:00.11.2 
Susan O'Neill Australia 1KBX6; 3. Qu Yun. 
China 1:0255; 4. Petria Thornes, Australia 
1:0276; & Jenny Thompson. U-S- 1:0279; 6, 
Karin Brlenessc, Nethetl an ds. ; :01.1e; 7, inae 
De Bruila Netherfands. 1 :01X2; ZFraiaisclw 
Van Almsick, Germany, 1 :01X9. 

DIVING 


Nethe r land s 12 Uftfted State! 7 
Hungary 7, Italy S 

Float 

Hungary 7, Netherlands 5 
Third Place 

Italy KUil 


CRICKET 


ONE DAY INTERNATIONAL 
bMfla n. AustraBe 
Friday, Id CWomfeo 
India Innings: 246-8. 

Australia Innings: 21& atl-aut. 
Result: India wins by 31 rum. 


LA- LA KERS— Named WO Ft Hanard jNtai 
dal odnumstrattve assistant and scoui 
MILWAUKEE— Announced 1t» retirement - 
Ol MDce GmtasM, center. 

MINNESOTA— Signed Randy Carter, tor- ^ 
word, and Melvin RaMnsna center. rn 

NEW YORK — Named Chris Brtenzn dlrec- . 
tar of public rotations. ■ - 

PHOENIX— Signed Danny Atarmlna for- 
ward, to a one-year c o ntracl 

HOCKEY • 

Naflenai Hockey League 
BUFFALO— Named Jtm BefmJttg scout 
FLORIDA— Agreed to terms wWt Bob Kir 
delskl right wing. 

HARTFORD— Signed R un t tan k Kacero, =1 -^. 
defe ns ema n , to multiyear contract. y r 


. ». ■ 
■i •• - 


-• ,w 




* 4 ‘J. ^ i 


NSmOHS 


BASEBALL 


18-Meter HtgUbeard Filial: 1, Dmitry Sau- 
ttn, Russia. 6347t polnts.Z Sun Shuwel China, 
63003. 3, Vtadtadr Tlmeshtaln, Russia. 607-32- 
X, Jan Hemnel. Germany. 3K27. 5. Xiong Nl 
ChtaCL558XL6, R obert MorgarvBrltaln. 55226. 
7, Sergei Kudrevflch, BefarvL 52521. 8. Mf- 


BOSTON— N amed Gary Ralslch scoot 
ClMJtNP^ a two-year Ptayvr 
oevelopmertt contract with Buffalo, AA. 
TEXAS- R e n ewed their offn lotion with 


Tulsa TL. tar two years. 


CINCINNATI— Readied Tim Fortugnoand 
Mike Ferry.pltchers; Brian KoeUlng, InfleW- 


COLLEOE 

LONE STAR CONFERENC E 'Ha u te* 
Fred Jacoby comm i ssioner. 

BENTLEY— Named Aim Mdneraey wom- 
en's assistant basketball coach. 

FAIRFIELD— Named Patricia Cordon 
soflban coach. 

MASSACHUSETTS MARITIME— Named 
Skip Thompson assistant football coach; BN 
Wlxon defensive coordinator; Jim Parker 
men’s assistant soccer coach; and Andrea 
women’s cross-country coach. 

MIAMI Named warren Mandreh men's 
track and cross-country coach. 


TK\MWlH 


DENNIS THE MENACE 


PEANUTS 


CALVIN AND HOBBES 



THI5 15 TUB BIBLE VERSE 
I HAVE 7D MEMORIZE 
FOR 51/NPAY SCHOOL- 



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LOT'S WIFE 


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TO OUR READERS 
IN BELGIUM 

IPs never been easier 
to subscribe 
and save. 

Just call toll-free 

0 800 1 7538 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, SEPTEMBER 10-11, 1994 


** 


SPORTS 


Page 19 


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By Murray Chass 

Ww Port Tima Service 

NEW YORK — The most 
critical step in the talks between 
Jerry McMorris, the moderate 
owner of the Rockies, and the 
anion was the mutual discovery 
that union officials did not have 
the actual details of the reve- 
nue-sharing plan the owners 
t "; y adopted last January, a plan 
1 that could only be triggered by 
t ‘! ^ the players’ acceptance of a sal- 
ary cap. 

McMorris immediately got 
I;; the union a copy of the agree- 
ment, and union officials found 
•• it to be an eye-opening docu- 
* w mem. 

- Asked if negotiations had 
Seen set back by the dubs’ fail- 
ure to give the union the com- 
plete revenue-sharing agree- 
ment, one union person said: 
“It set back our unders tanding 
of what the real issues were sep- 
arating the dubs by six or eight 
weeks. But you could argue the 
dubs weren’t ready to make a 
deal then." 


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Union officials wore angered 
by Ravitch’s failure to give 
them the information they felt 
they needed to make intelligent 
proposals. They offered a vari- 
ety of theories about why he 
might have withheld the plan. 

“Maybe he wanted us to 
make proposals to a nonexis- 
tent plan so they would be re- 
jected,” one person said. 

Ravitch offered a different 
explanation. 

"They didn’t get it original- 
ly,” he said, “because the reve- 
nue-sharing plan reflected what 
our expectation was as to the 
percentage of revenue that 
would go to the players. To 
have given them that in April 
would have been kind of silly 
because we were bargaining.” 

In other words, Ravitch ac- 
knowledged, to have given the 
to the union earlier would 
betrayed the clubs’ bar- 
gaining position and strategy. 

Further, he said be didn't 
think “it would have made one 
whit of difference" if the union 
had received the plan earlier. 
And anyway, he added, “the 
issue is not how we share reve- 
nues but how we deal with 
costs.” 

Nevertheless, he said, “we 
made a decision to give it to 
them last week because we 
didn't want to leave any stone 
unturned.” 

But the union still didn’t get 
the plan until McMorris discov- 
ered that the people he was talk- 
ing to didn't know what he was 
talking about when he made 
references to it 


Owners Group Studying New Plan Pieced Together by Players 


Compiled by Oar Staff From Dispatches 

NEW YORK — With ever less 
time left to salvage the rest of major 
league baseball’s regular season and 
the World Series, the owners’ six- 
person bargaining team spent Friday 
morning at the commissioner’s office 
analyzing a new plan made by the 
players’ union. 

The management team was to dis- 
cuss the proposal with the acting com- 
missioner, Bud Sdig, early in the after- 
noon and deliver a response to the 
union later in tbs day, a source said. 

The source, speaking on the condi- 
tion he not be identified, said the 
owners were discussing whether to 
reject the proposal outright or say it 
warranted further discussion. 

The players and their negotiators 
had methodically pieced together a 
plan Thursday that they hoped would 
entice the owners away from their 
salary cap demand and end the strike, 
which entered its fifth week Friday. 


After spending the entire day 
working on the concept, which com- 
bines a revenue-sharing and a pay- 
roll-tax plan, the union sent a contin- 
gent of three lawyers and four players 
to discuss it early Thursday night 
with a group of six owners and club 
executives and their negotiating team. 

The four-block trip in midtown 
Manhattan could turn out to be the 
most significant move of the strike, or 
it could end in failure, depending on 
the owners’ reaction to what the 
union called a concept rather than a 
proposal. 

After meeting briefly, the manage- 
ment group said it would review die 
plan overnight and respond Friday. 

The players took the step on the 
day before the deadline Selig set a 
week ago for reaching an agreement 
or facing the loss of the rest of the 
season and the post-season. 

Thursday's activity followed a pre- 
liminary meeting of the two sides 
Wednesday night at which the first 


signs arose that they might be able to 
find some common ground on the 
crucial issue in the negotiations, the 
owners' insistence that they need to 
achieve cost control. 

The new concept combines a varia- 
tion of the revenue-sharing plan al- 
ready agreed to by the owners, with a 
payroll lax on the higher-revenue 
clubs. In effect, high-revenue clubs 
would pay taxes on their payroll and 
revenue that would be shared by low- 
revenue clubs. 

Sdig's deadline of Friday, which 
could be stretched by a few days to 
rescue the last two weeks of the sea- 
son, was seen by some as providing a 
spur to the movement, but the impe- 
tus more realistically came from the 
discovery in the last week that the 
union did not have the actual details 
of the revenue-sharing plan the own- 
ers' adopted last January. 

Richard Ravitch, the clubs’ chief 
labor executive, acknowledged that 


he had not given the union the com- 
plete details for bargaining purposes. 

Once the union received the plan, 
its officials began formulating the 
concept that the three lawyers — 
Lauren Rich, Steve Fehr and Michael 
Weiner — and four players — Jay 
Bell of Pittsburgh, Terry Steinbach of 
Oakland, Orel Hershiser of Los An- 
geles and Kevin Brown of Texas — 
presented to Lhe owners. 

The union initially had heard that 
the clubs' revenue-sharing plan, 
which was contingent on the players' 
acceptance of a salary cap, would 
have 12 to 14 higher-revenue clubs 
give pan of their local revenue to five 
or six lower-revenue clubs. 

As it reads now, though, 16 clubs 
would give revenue to the other 12. 

The revenue-sharing framework the 
players formulated Thursday, one of 
them said, follows the 16-12 align- 
ment. The 16 higher- revenue clubs 
would each pay a 2 percent lax on 


revenues and payrolls, regardless of 
how high their salary costs. 

Under this plan, "for example, the 
Yankees, who had estimated reve- 
nues of 5103 milli on in 1993, would 
pay a lax of S2.06 million on those 
revenues. Their payroll of S47 j mil- 
lion would produce a tax of 5950.000. 
So the Yankees would contribute a 
total of approximately S3 million to a 
revenue-sharing fund that would be 
divided among low-revenue clubs. 

The idea would require the low- 
revenue dubs to use at least some of 
the money they get on player salaries. 

The sticking point in the plan 
could be that the proposed tax won't 
be high enough to satisfy the clubs. 
But even management people ac- 
knowledged that a high tax would 
potentially inhibit clubs from signing 
players to’ high salaries. 

“There will be no proposal that is a 
substitute for a cap or has a high 
penalty for signing players," a person 
connected to” the union said before 


the players began a series of internal' 
meetings to formulate their plan. 

The plan also proposes a change in 
the division of gate receipts. It sug- 
gests having the visiting team receive 
25 percent of the receipts, compared 
with the present system of 20 percent 
in the American League and 43 cents 
a ticket, or less than 5 percent, in the 
National League. 

Under this plan, a low-revenue 
team like Pittsburgh would derive far 
greater income from playing at a 
high-attendance locale such as Colo- 
rado or Los Angeles. 

The three-hour meeting held 
Wednesday night grew out of tele- 
phone conversations earlier in the 
week and during the weekend be- 
tween Jerry McMorris, owner of the 
Rockies, and union officials. 

McMorris, a member of the mod- 
erate minority among the owners, has, 
spearheaded the effort to get the two** 
sides talking about something other 
than the salary cap. 


WTCto Curb 
Playing by 
Teenagers 

By Johnette Howard 

Washington Pest Service 

NEW YORK — The Wom- 
en's Tennis Cnimrii has an- 
nounced that it will impose a 
sliding scale of eligibility re- 
strictions for professional play- 
ers age 18 ana under, b eginning 
next year, as part of a compre- 
hensive new program that also 
will include mandatory agent 
registration, education require- 
ments and counseling for play- 
ers and their parents. 

The Women’s Tennis Associ- 
ation’s tour currently allows 
players to turn pro at age 14 
and play a maximum of 12 
WTA events and the season- 
ending Virginia Slims champi- 
onships. But a six-month study 
by the WTCs age eligibility 
committee revealed, among 
other thing s, that 97 j percent 
of the experts and tour partici- 
pants surveyed thought the cur- 
rent rule was inappropriate. 

Under the new rules, which 
the WTC agreed Thursday to 
adopt in principle, players who 
are 14 will be prohibited from 
playing any events on the main 
WTA tour and may compete in 
a limited number of lower-rung 
International Tennis Federa- 
tion Futures events. The num- 
ber of events and competitive 
level of tournaments increases 
annually for players between 15 
and 17. Play-for-pay exhibi- 
tions also would be covered un- 
der the new limits. 

At 18, unrestricted play on 
Che WTA tour can begin. 



Onn Emrmfl'Atcnn' Framr-Picm 

Steffi Graf faced a set point three times on her serve in the third set. 


“That is a huge change," said 
Pam Shriver, the outgoing 
three-term president of the 
WTA who initiated the age eli- 
gibility study. “The phase-in 
approach is a much easier way 
than saying at age 17, 18 or 22, 
you suddenly open the flood- 
gates and say there you go.” 

Martina Navratilova, the 
just-dected WTA president, re- 
leased a written statement that 


said: “I’m glad to see many of 
the recommendations, especial- 
ly putting a limit on how many 
tournaments the 14-, 15- and 
16-year-olds can play. All play- 
ers must focus on more than 
being just tennis and money 
machines.” 

The WTC commission's oth- 
er suggestions included requir- 
ing players, their parents and 
agents to attend educational 


seminars before their first pro 
competition; requiring coaches 
and agents to register with the 
WTA and sign a code of ethics; 
providing players already on 
the tour with services such as 
psychological counseling, 
health care and a voluntary 
mentoring program; and man- 
dating that players finish the 
legal minimum schooling in 
their country of origin. 


Graf and Sanchez Win 
To Reach Final in Open 


The Associated Fress 

NEW YORK — The world's 
top two female players, Steffi 
Graf and Arantxa Sdnchez Vi- 
cario. solved the tricky winds at 
the National Tennis Center on 
Friday to move into the U.S. 
Open championship match. 

Seeking her second Grand 
Slam title of 1994 and her sec- 
ond straight U.S. Open crown. 
Graf won the final five games to 
beat Jana Novotna, 6-3, 7-5. 

Then Sanchez Vicario, the 
French Open champion, defeat- 
ed the 1990 champion. Gabriela 
Sabatini, 6-1, 7-6 (8-6). 

The winners will battle for 
the title Saturday. 

“It was difficult with the 
wind today to plav against 
Jana." Graf said. “She played 
exceptionally welL” 

Novotna's loss brought back 
memories of the 1993 Wimble- 
don fined, when, on the verge of 
winning the title, she also lost 
the last five games to Graf. 

Novotna led early in each set, 
but Graf raised her game and 
answered with a service break 
of her own. 

In the opening set, Novotna 
took a 3-2 lead by breaking 
Grafs service from deuce. The 
world's lop-ranked player used 
it as a wake-up call. 

She broke her Czech oppo- 
nent from deuce, held at love, 
broke from deuce again, then 
held at 15 to win the first set. 

Novotna, her nerves and 
game under control most of the 
time, broke Grafs service again 
in the fourth game of the second 
set When she held serve after a 


long battle, she had a 4-1 ad- 
vantage. 

Two games later, Novotna 
had a 5-2 lead and was on the 
verge of tying the match at one 
set apiece. She reached double 
set point at 15-40, but couldn't 
close it ouL 

Graf finally held, beginning 
her five-game match-dosing 
string and a berth in Saturday's 
championship match. 

Sinchez Vicario. the second 
seed, needed three match 
points, two in the 10th game of 
the second set and one in the 
tie-breaker, to overcome Saba- 
tini. who was finally beaten 
with a lob that dropped just 
inside the baseline. 

By the time she realized it 
was good, Sabatini had let the 
shot get away from her. She 
tried to bat the ball back be- 
tween her legs, but it went 
straight into the net. 

On the men's side, the spot- 
light is on Andre Agassi. Mi- 
chael Stich couldn't be happier. 

“Let everybody think Agas- 
si’s supposed to win," Stich 
said. “1 like that." 

Stich, at No. 4 the highest 
seed left in the men's field, 
grabbed a spot in Saturday's 
semifinals with a 6-4, 6-4, 6-7 
(7-9), 6-4 victory over Jonas 
Bjorkman of Sweden on Thurs- 
day night His semifinal oppo- 
nent will be Karel Novacek of 
the Czech Republic, who de- 
feated Jaime Yzaga of Pern, 6- 
2. 6-7 (7-9>, 6-1. 5-7, 6-3. 

The other semifinal on Satur- 
day wall pit Agassi against 


ninth-seeded Todd Martin, 
guaranteeing that an American 
will be in Sunday's title match. 

Earlier Monday, Jacco El- 
tingh and Paul Haarhuis of the 
Netherlands won the men's 
doubles, defeating the Austra- 
lians Todd Woodbridge and 
Mark Woodforde. 6-3, 7-6 <7- 
1 ). 

On Thursday, Elna Reinach 
of South Africa and Patrick 
Galbraith of Tacoma, Washing- 
ton, teamed to win the mixed 
doubles championship, defeat- 
ing Novotna and Woodbridge, 
6-2, 6-4. 

The Stich-Bjorkman battle 
matched big servers who are as 
comfortable at the net as they 
are at the baseline. The differ- 
ence between the two was 
slight. 

“I was serving very, very bad- 
ly,” said Stich. who had 15 dou- 
ble-faults to go along with 13 
aces. "Right now I'm really, 
really tired. All the credit to 
Bjorkman, the way he kept 
fighting. He never gave up. Not 
many guys are doing that.” 

Yzaga upset defending cham- 
pion and top-seeded Pete Sam- 
pras in the fourth round. 
Against the veteran Novacek. 
however, he played sloppily. In 
all, he sprayed 73 unforced er- 
rors in a tedious match that 
took nearly 3% hours. 

Novacek, in the U.S. Open 
semifinals for the first time, was 
just a shade better than Yzaga. 
He finished with 78 unforced 
errors while being content to 
hammer away from the base- 
line. 


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Cvir ->-- 


TEAMWORK by Francene and Louis Sabin 


s 

■- ■ 


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I ACROSS 
j ■ 

1 Blacksmith's 
tool 

5 Easter Island 
head, e.g.. 

10 Sacred symbols 
at Thebes ■ 

U Nutmeg’s sister 

«S * you!* 

(words in a tot’s 

game) 

19 Kafka novel, 
with ’The’ 

20 Medicine 

Nobe&t 
Severe 

21 Impulse carrier 

22 N.F-L lumber? 
24 NJ.L. 

p u mpernickel? 

26 Outstanding 
feature 

27 Football-like 

29 Exercises 

30 Ontario native 

31 Make challah 

32 Bandleader 
Kenton 

33 Brownie 

ingredients, 

sometimes 

36 Not slick 

37 Laptop, e.g. 


_ 41 In agreement 

42 Supreme Court 
Justice from the 
NJFJ-? . 

44 Foreign article 

45 Words of 
wisdom 

46 Mountain pool 

47 Memo sign-off 

48 Cosmetics 
applicator 

49 It may have a 
ring 

50 NJ.L 
recruiters? 

54 Artist Andrea 

del 

55 Plenty 

57 Copper source 

58 ft sounds the 
hour 

59 Words 

60 Painiers’ needs 

61 Contend with 

62 Juntos 

63 * the 

Conqueror* 
(1988 Best 
Foreign Film) 

64 Devoted swain 

66 Do penance 

67 N-FJ- 

tra us po nation? 


S i!*.. 

'■■y- 'j-r-*/; “ 

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r»- i » | 


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4 

v 

,u 

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16 - 




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JAL 

offers onward flights 
from Osaka 
to 21 destinations 
in Japan and Asia. 



japan AMbw* 


69 King Arthur’s 
steward Sir 

72 Laugb-a- minute 

73 Bit of saltwater? 

74 Ill-favored 

75 Queen of the 
heavens 

76 Suffix with 
consist 

77 When an 
N-F-Leris 
feted? 

81 Go by car 

82 Some flower 
beds 

84 Antibacterial 
virus 

85 rhap 

86 “Buffalo “ 


1 

2 

> 

4 

IB - 




w 









(old song 
favorite) 


') 

87 Like a 
flophouse 

88 Gives the 
heave-ho 

89 Annual report 

liering 

92 Put on the line 

93 Film holder 
97 Cuddly NJFJ- 

mascot? 

99 NF2_ 
subduers? 

101 Roberts of "Scar 
80’ _ 

102 Reggie and 
Michael 
Jackson. e.g. 

103 Dropping the 
ball clg. 

104 Trapped like 

105 Just say no 

106 A canonical 
hour 

107 Actor Aiello 

108 Bering Sea port 

DOWN 

1 Cookoui fare 

2 Minor place 

3 Deal in 

4 Christian 
symbols of 
charity 

5 Diamonds 

6 Harness strap 

7 Brian Friel’s 
home 

8 Stripling 

9 Slowpoke 

10 Biting 

11 Like snow 
horses 

12 Explosive 
sound 

13 Hazard 

14 Daughter of 
Perides, in 
Shakespeare 

15 Double or triple . 
feat 

16 Welsh product 



SiYew York Tones/ E&ted by FTiS Shorts. 


17 They’re 
sometimes 
loose 

20 Orchestra 
member 

23 Copyright 
treaty city 

25 Katzcn jammer 
Kids, tg. 

28 Like all 
outdoors 

31 Pickling agent 

32 Biological 
bodies 

33 Yesterdays 

34 The Bible's 
“hairy one’ 

35 NFJ_ 

footwear? 

36 Van Doren and 
Van Vechten 

37 It goes par 
avion 

38 Where some 
IM.RI.ers shop? 

39 Doorframe 
support 

40 Soothsayer's 
home 

42 Solomonic 

43 Moves by rail 

46 Powders 

48 Put aside 


50 Ancient 

magistrate 

51 M’s actress Gia 

52 Kind of beam 

53 Exxon Valdez, 
e-S- 

54 “Rocky’ 
co-star 

56 Praying figure 

58 Back-room 
fellow 

59 Barrio resident 

60 Bacteriologist 

J.R- 

62 Thoughtful 
soul 

63 Compote 
ingredients 

64 Fish food 

65 “What’s My 
Line’ host John 

67 Leaps for Peter 
Martins 

68 Not thin 

70 Buck add-on 

71 Tall one 

73 Pilot's danger 

75 Quartet 
member 

77 Whitney's 
business 
partner 


78 Covenc Garden 
offerings 

79 Pat Boone’s 

— I Love’ 

80 Ready to be 
ridden 

81 The brainy 
bunch 

83 Reuters, for one 

85 Turnover 

87 Edge 

88 Paternoster 
preceder 


89 Fossilized 

90 Stable parent 

91 Pitcher Johnny 

92 Not right now 

93 Skier’s snow 

94 Mr.Ps last 
name 

95 Amusement 
park transport 

96 Villa d* 

98 Trouble 

100 it can be in 
C.D.'s 


Solution to Puzzle of Sept- 3-4 

utifiM 



49ers vs. Chiefs: Star Billing Aplenty 


Nt* York Times Service 

When the San Francisco 49ers play the 
Chiefs on Sunday evening in Kansas City, 
the spotlight will be on Joe Montana and 
Steve Young, the quarterback who took 
the 49ers to four Super Bowl titles and the 
younger quarterback who drove Montana 
out of town and east to Missouri. 

And the spotlight will be on Jerry Rice, 
whose three- TD performance last Monday 
night gave the 49ers’ receiver the aU-urae 
record. 

But the supporting casts in this game 
should not be overlooked, since the 49ers’ 
defense held the Raiders to just 34 yards 
rushing, and the Chiefs' defense gave up 37 

NFL MATCHUPS 

yards rushing to the Saints as both these 
teams won easily on the National Football 
League's first weekend of games. 

Key fact; The 49ers' offensive line had 
to be reshuffled because of injuries; rookie 
receiver Lake Dawson might have to start 
in place of JJ. Birden (hamstring! for the 
Chiefs. 

The odds- makers pick the 49ers to win 
by 3 points. 

Buffalo (0-1) at New England (0-1) — 
Bills’ special teams held Jets to 16.5 yards a 
kickoff return, fewest in .AFC but Buffalo 
managed just one field goal in opening day 
loss; quarterback Drew Bledsoe had career 
highs in passes (51), completions (32) and 
yards (421) as Patriots scored 35 points but 
lost to Dolphins. 

Teams are rated even. 

Qndnnati (0-1) at San Diego (1-0); Da- 
vid Klinger, who completed 27 of 43 passes 
for 224 yards against Browns, and Bengal s' 
offense are on right track; Sian Humph- 
ries’ 131.1 quarterback rating is best in 
NFL. 

Chargers are favored by S4 points, 
Detroit (1-0) vs. Minnesota (0-1): Barry 
Sanders is No. 2 rusher in NFC (120 yards 
on 27 carries), while Vikings Qadry Isma- 
il’s 34.5 yards per kickoff return leads 
NFC. But Vikings* receivers dropped six 
passes last week, with two resulting in 
interceptions. 

Vikings by 414. 

Indianapolis (1-0) at Tampa Bay (0-1); 
All three linebackers — Jeff Herrod, 
Quentin Coryatt and Tony Bennett — had 
sacks as Colts surprised many with high- 
scoring victory against Oilers. Rookie run- 
ning back Marshall Faulk could be in for 
repeal performance against Bucs. whose 
Enict Rbeti averaged 4 J yards a carry ( 1 1 
carries for 49 yards) versus Bears. 

Bucs by 1. 

Los Angeles Rams (1-0) at Atlanta (0-1): * 


No. 1 Nebraska Batters Texas Tech 


The Associated Press 

LUBBOCK, Texas — Tommie Frazier 
ran for two touchdowns and threw for 
one as Nebraska, the No. I -ranked col- 
lege football team, broke open a close 
game in the second half and beat Texas 
Tech. 42-16. Thursday night. 

Lawrence Phillips helped Nebraska 
(2-0) pull away, running for two touch- 
downs and most of his 175 yards in the 
third quarter after Tech closed to 14-9. 

The Comhuskers ran for 524 yards 
using Phillips, Cory Schlesinger and 
Clinton Childs. Frazier rushed for 84 
yards and threw for 88. 

A defense led by linebacker Zach 
Thomas had kept Texas Tech (1-1) with- 


in reach, sacking Frazier once and get- 
ting four tackles for losses. 

Frazier gave Nebraska a 7-0 lead just 
2:01 into the game when he sprinted 58 
yards down the right sideline, then made 
it 14-0 by going Lhe last 3 yards of a 98- 
yard drive early in the second quarter. 

Tech's first pass completion of the 
game, with 12:22 left in the half, was a 
big one. a 43-yarder from Tony Darden 
to split end Field Scovell that set up a 49- 
yard field goal by Jon Davis. 

The Red Raiders made it 14-9 early in 
the third quarter on Zebbie Leihiidge's 
6-yard pass to tight end Scott Aylor. A 2- 
point conversion try failed when Leth- 
ridge fumbled. Then Phillips took over. 


Rams’ Sean Landeta and Falcons' Harold 
Alexander are tied for NFL lead with a 37- 
yard net average per punt. Atlanta's Jeff 
George completed a team record 12 
straight passes against Lions, so Rams' 
secondary will have their hands full with 
him and receiver Andre Rison. 

Falcons by 7 Vj. 

Miami (l-O) at Green Bay (I-O): Irving 
Fryar's 21 1 yards receiving and 42.2 yards 
a catch lead NFL. Packers' free safety 
George Teague has two interceptions al- 
ready, but be and teammates need to get to 
Dan Marino quickly, and can't afford to 
gamble with single coverage on Fryar. 

Packers by 4. 

Pittsburgh (0-1) at Cleveland (1-0): 
Steders' Barry Foster was held to 44 yards 
rushing last week, while Browns’ offensive 
line didn’t give up a sack against the Ben- 
gals. And Eric Metcalf, who returned two 
punts for touchdowns against Steel ers last 
year, returned a punt 92 yards for a touch- 
down last week. 

Browns by 2li. 

Seattle (1-0) at Los Angeles Raiders (0- 
1): Raghib Ismail’s 28 yards a kickoff 
return puts him second in AFC while 
Seahawks rushed for 184 yards against 
Redskins last week. Raiders trying to re- 
group quickly after dismantling by 49ers. 

Raiders by 7. 

Houston (0-1) at Dallas (1-0): Cowboys’ 
defense got nine sacks against Steelers, and 
Emmitt Smith surely noticed what Mar- 
shall Faulk did to Oilers. Oilers* Cody 
Carlson has separated left shoulder (his 
non-throwing arm) and may not start: 
Greg Montgomery’s 48.8 yards a punt av- 
erage leads the NFL. 


Cowboys by 15. 

Denver (0-1) at New York Jets (1-0); 
Jets' defense held Bills' r unning back 
Thurman Thomas to 5 yards on seven 
carries. Broncos’ 61.4 percent third down 
conversion leads league, but lighL end 
Shannon Sharpe is out with knee injury 
and will be missed by John Elway. 

Jets by 2. 

Washington (0-!) at New Orleans (0-1): 
Jim Everett's 70.3 percent completion rate 
is third best in NFC, while Redskins* 
coach. Norv Turner, seems committed to 
rotating quarterbacks John Friesz and 
rookie Heath Shuler — at least for the 
moment Revolving quarterbacks is never 
a healthy situation. 

Saints by 7. 

New York Giants (1-0) at Arizona (0-1): 
Cardinals’ offensive line gave up four 
sacks last week, while Giants' Rodney 
Hampton was held to 85 yards on 20 
carries. Giants are expecting Cardinals to 
blitz quarterback Dave Brown's eyeballs 
OUL 

Cardinals by 3. 

Chicago (1-0) at Philadelphia ( 0 - 1 ): 
Bears’ quarterback Erik Kramer ranks No. 
2 in NFC in passer rating (124.1) and in 
completion percentage (72 percent), while 
Eagles' Calvin Williams is averaging 15.2 
yards a catch. And here’s a dubious statis- 
tic: Bears have not given up three touch- 
downs in a game since season opener 
against Giants in 1993, or for 17 straight 
games. That streak could end Monday 
night. 

Eagles by 3. 

These mmchups were compiled by Timo- 
thy W Smith, 


\ l-V 








M 


Page 20 


INTERNATIONAL HERALD TRIBUNE, 5ATURDAY-SUNDAY, SEPTEMBER 10-11, 1994 


DAVE BARRY 


The Potato-Gun Menace 

M IAMI — Note from the from its premises. We were able 
total deoartment: The ac- to do it onfv because we met the 


An American Tragedy — With a Happy Ending 


lyJL legal department: The ac- 
tivities described in this column 
are dangerous and stupid and 
possibly illegal and should be 
performed only by trained hu- 
mor professionals who are good 
at sneaking around. This news- 
paper assumes no responsibility 
or liability for any injuries, 
deaths, maiming*, cripplings, 
eyes getting poked out, pregnan- 
cies, fires, riots, ointments or 
suppositories that may or may 
not occur as a result of some 
moron attempting any of these 
activities or any other actions, 
forfeitures, debentures, indemni- 
fications and such other big 
scary legal words as we may or 
may not think up at some future 
point in time. Thank you. 

For more than a year now, 
alert readers have been sending 
me alar ming newspaper articles 
about the “potato gum" a ba- 
zooka-sized device that can 
shoot a potato several hundred 
yards at speeds of up to 1,000 
feet per second. An ordinary 
potato, on its own, will rarely 
travel more than four feet per 
day, even during the height of 
mating season. 

Potato guns can be easily 
made from plastic pipe avail- 
able in any plumbing supply 
store; the explosive force comes 
from ordinary hair quay, which 
is ignited by an electrical spark. 

Anyway, I recently got a fax 
from an individual whom I will 
identify here only as "Buzz 
Fleischman, 810 Pinecrest 
Drive, Miami Springs, Florida 
33166, telephone 305-885- 
4817.” Buzz, who makes his liv- 
ing performing humor at corpo- 
rate meetings and other 
functions, informed me that he 
had constructed a potato gun, 
and was willing to demonstrate 
it for the purpose of helping me, 
as a responsible adult, better 
understand just how alarming 
this menace is. 

We decided to fire the potato 

S in from the roof of the Miami 
erald (motto: “We Are Still 
Keeping an Eye on Gary Hart”). 
Let me stress that the Miami 
Herald is a responsible institu- 
tion that does NOT ordinarily 
allow people to shoot potatoes 


from its premises. We were able 
to do it only because we met the 
very strict requirement of not 
asking for permission. 

Once we got up on the Herald 
roof, we decided to Fun the po- 
tato gun toward Biscayne Bay. 

□ 

To load the gun, Buzz stuffed 
a potato into the barrel and 
shoved it down with a pole, 
then sprayed some Aqua Net 
Super Hold hair spray into the 
detonation chamber. He then 
aimed the gun at the bay and 
pressed the ignition device, and 
FWOOOM, the potato came 
blasting out of the gun and 
went way way WAAAAY out 
over the water and landed ap- 
proximately in Portugal. 

As responsible adults. Buzz 
and I were very alarmed by this 
demonstration. We shot off a 
bunch more potatoes to see if 
we would continue to be 
alarmed, and we were. 

But as any reputable scientist 
will tell you, the “add test” of 
the alarmingness of this type of 
device is what happens when 
you shoot a Barbie doll out of it 
We used the “Gymnast Barbie" 
model, which comes with a little 
gold medal First we loaded a 
potato into the gun, then we put 
Gymnast Barbie into the end of 
the barrel with just her head 
and hairstyle sticking out. Then 
we pointed the potato gun 
straight up, and FWOOOM up 
went Barbie, high in the sky, 
smiling perkily, waving her 
arms ana legs gymnastically 
around inside a cloud of potato 
atoms before finally landing in 
a really unladylike pose. 

□ 

As concerned adults, we all 
need to become wrought up 
about this menace. People 
should form organizations and 
write angry letters. Congress 
should hold hearings. The Clin- 
ton administration should an- 
nounce a definite policy and 
then change it Also, the De- 
fense Department should prob- 
ably go on Red Alert, because 
any day now Portugal is going 
to start shooting back. 

Knight-Ridder Newspapers 


By David Streitfeld 

Washington Pom Service 

C HARLESTON, South Carolina 
— When novelists meet strangers 
at parties, they’re often reluctant to 
specify exactly what they do for a 
living. Not only are the odds high that 
the stranger has never heard of them, 
but frequently the Mowing conversa- 
tion results: “Hey, I’ve got a great idea 
for a book,” says the stranger. “Why 
don't I tdl you, you write it, and well 
split the money? My stoiy is so good 
it’ll make us both rich/ 

Sometimes the proposed book is a 
novel. Usually, it's an autobiography. 
The typical novelist is inclined to re- 
ply, “It's not that I don't find your life 
fascinating and heartbreaking, but 
I’ve got my own work to do. Further- 
more, unless you're famous, the pub- 
lishing world is going to have zOcb 
interest in your life. Now, if you’ll 
excuse me, I’ve got to freshen my 
drink.” 

By all odds, that’s what should have 
happened to a woman here who is 
known to the world as Ruthie Bolton, 
Ruthie Bolton, is called Gal by her 
friends and neighbors, and legally 
goes by a third name, one she refuses 
to disclose. 

Thirteen months ago, Bolton had 
never met a published writer. She 
didn't even have much interest in 
books. But, like many people, she felt 
she had a story to tdl It was this 
desire, plus a chance encounter, that 
brought her into the office of Charles- 
ton's leading novelist, Josephine 

Humphreys. 

Both natives of the city, the 49-year- 
old white author and the 33-year-old 
black saleswoman live only 10 min- 
utes apart It’s not surprising they had 
never met but a sense of the gulf that 
separated the two can be glimpsed in 
the fact that Bolton had never even 
heard of the novelist who is a major 
cultural icon here. 

Bolton spent 12 sessions with Hum- 
phreys, talking her life into a $27 tape 
recorder. The novelist herself tran- 
scribed the tapes verbatim, adding 
no thing but paragraphing and punc- 
tuation. She then muled the result to 
her agent who sent it to a publisher, 
who offered Bolton an immediate 
contract (Humphreys has no finan- 
cial interest in the bode.) 

Powered by reviews that used 
words like “remarkable,” “a rare find” 
and “moving and ultimately inspira- 


tional” “Gal: A True Life” has been 
on the bottom reaches erf the national 
best-seller lists for more than a month. 
Hollywood, the ultimate bes tower of 
recognition, has cone callin g. It was 
one of the books selected by a Mar- 
tha’s Vineyard bookstore for Presi- 
dent Clinton to read on his vacation. 

The fairy tale of instant acclaim and 
serious money — something every 
published author knows is mythical 
but every beginning writer fervently 
believes — has just been astonishingly 
validated. Yet all this is merely the 
lesser miracle in Bolton's life. 

Much greater, of course, is that 
she’s survived at all From “Gal": 

“We were in the bed, and all 1 
remember is we heard a glass break. I 
don’t know if she broke it first or he 
did. But she told him she would Jdh 
him if he hit her again. We heard the 
scuffle in there. We heard the table fall 
down, and we were crying in the bed, 
crying and shaking, and we ran up the 
hallway and were peeping around the 
door, and we saw — we remember we 
saw — how he grabbed the glass and 
he pulled it down her arm, along deep 
cut in her arm. But that didn’t do him 
no damn good, he beat her for worse, 
he beat her all in the head, and she was 
on the floor, she was on the floor, 
there was blood, blood, and we were 
just too scared, anybody to do any- 
thing ... 

“1 don’t know who called, but she 
end up in the hospital. 

“And — she didn’t live long after 
than She died.” 

That was Bolton’s grandmother, 
who died at the hands of ner husband, 
a chief petty officer in the navy. Earli- 
er, the abuse he had doled out to his 
stepdaughter, Bolton's mother, made 
her abandon her toddler and run away 
from home. Bolton, who was bom out 
of wedlock, never knew who her fa- 
ther was. Her mother made it to Phila- 
delphia, where she died shortly there- 
after in a fire. 

The grandfather, called “Daddy,” 
raised, if that’s the right verb, three 
daughters, three stepdaughters and 
Bolton. “Daddy was evil and I was 
evil too, as a child — but I was evil 
because I was being treated evil” she 
wrote. 

As a teenager Bolton was a petty 
thief, a casual drug user, a mother who 
wasn't a full-fledged prostitute but 
still swapped sex for money: “I was a 



Junk Francis for The Wa|hinfi«i Post 

“Ruthie Bolton,” author of “Gal,” is still guarding her privacy. 


young girl living in the world by get- 
ting what 1 could from men.” 

But if “Gal” were only a tale of 
degradation and descent, it would 
probably have many fewer readers. 
Midway through her stoiy, Bolton is 
saved by a good man, the manager at 
the Mister TeeVee rental shop. She 
moves from her “no-love family” into 
a loving family, and forgives Daddy 
enough to move back into his house 
and take care of him when he’s dying. 
She and her family live there still 

Clearly, this is a woman at peace 
with herself. Now the mother or five 
children, Bolton has the high spirits of 
a giddy young woman. Her worldly 
success doesn’t quite seem real “I’m 
still that same Gal everybody knew a 
long time ago,” she laughs, “still that 
sweet girL” 

Guarding her privacy, Bolton re- 
fused to be interviewed at home, so a 
meeting at a swank downtown hotel 
was arranged. Before the book came 
out, die had never been here. The 
tourist’s Charleston — the cobbled 


streets, the waterfront park with its 
cannons and view of Fort Sumter, the 
mflHo n-drillar houses with their wrap- 
around porches and historical plaques 
— is another world to her, separated 
from her childhood home by the har- 
bor. 

“Hungry Neck” is the nickname for 
this broad swath of territory. Thirty 
years ago it was rural, isolated and 
poor. "When I was growing up, 1 
never saw white people walk through 
our neighborhoods,’* Bolton remem- 
bers. “Not at all” But as Charleston 
grew, so did Hungry Neck. The cen- 
tral highway now boasts the usual 
sprawl of consumer shops, new devel- 
opments are scattered about, and 
there are even some rich people’s 
spreads. 

From the description in “Gal" Bol- 
ton makes dear her house is a nice one 
— sturdily built of cedar, roomy, with 
a garden — but it's still mysterious 
why she would choose to five in a 
plan: where she felt such fear. Doesn’t 
every walk down the hall bring flash- 


backs of Daddy shouting “Gal!” and 
then beating ner with his belt over 
some perceived error? 

“But remember,” she says softly, 
“when I moved back in that house 
with my own kids, it was full of love, 
full of laughter and joy. The kids that 
were there before were always silent 
and scared and afraid. Now you’re in 
the same bouse, and you see kids 
n»ming up and down the hall, see 
♦hwm l aughing and tickling each other, 
it really hits you right is the heart. 
This is the way it should have been.” 

The outside world rardy intrudes in 
“Gal” There's a mention of Head 
Start, a reference to Martin Luther 
King Jr, but beyond these the stray 
migh t as well be taking place in the 
1940s, the ’30s, or even earlier. The 
streets are unpaved. No social workers 
come by. Gal is never taken to a 
doctor. When Daddy beats someone, 
the police aren’t called. 

“You know, during that time every- 
one ntmHgd their own business,” says 
Bolton. “They stayed out of t h i ng s.” 

Between 1984, when Humphreys 
published her first novel, “Dreams of 
Steep,” and last spring, she got about 
20 requests for assistance from would- 
be waters. “I have a great stray,” she 
was told time and again by such folk 
as the retired navy admiral who had 1 
written the story of his life in limer- 
icks. 

“There were lots of life stories, 
some written and some not written,” 
she remembers. “The other category is 
people who have somehow witnessed 
something, like the woman who 
worked for a government agency and 
wanted to blow the lid off it” Hum- 
phreys didn’t, she couldn’t, help any 
of those people. But with Bolton, she 
surrendered immediately, captivated 
by the woman’s voice. 

The novelist is soft-spoken and se- 
rene, and amazingly generous. Bolton, 
after all did in a month what takes the 
older writer about four years. Further- 
more, while Humphreys’s books have 
been well received, they’re not best- 
sellers. 

“Hers is not the only bo ok that 
outsells mine if you worry about 
things like that, you'll worry until you 
die/ Humphreys says. “I also tank 
this book is better than any of mine. It 
deserves to sell more. There’s some- 
thing in her language, a directness, 
that I can never get to.” 




■M* 


a ion 


■Europe 


CoSodTm 

DiMn 

EdHwrtfi 


Si Ptoanfeug 
Stockholm 


Today 
Moh Low 
OF OF 
28/79 IB/04 
»«4 1203 
3103 1407 
32/09 21 m 
26m 2003 
27/30 1303 
1IOO 3/43 
1304 3/43 
24/73 1203 
1702 3/48 
2304 21/70 
1407 7/44 

13/33 1102 
24/73 13/M 
2003 0/43 
2003 12/33 
1301 3/43 

aaoa sm 

2302 21/70 
23/73 1800 
17/81 BMB 
23/7B 1702 
23/73 1702 
22/71 1407 
1003 1102 
24/73 1702 
13/30 0/48 

24/73 21/70 
IBM 1DOO 
21/70 11/32 
HJOO 4/M 
23/73 14/37 
IBM 1203 
1908 I MB 
1804 BMB 
1300 S/40 

23/77 1804 
20M 1203 
21/70 BM3 
21/70 13/SB 


Oceania 


WEATHER 

Forecast for Sunday through Tuesday, as provklodby Accu-Weather. 


PEOPLE 


m 






■MaMun Ea 6 * 1 

North America Eu 

The arte from Dallas to Sci 
Kansas City will have hot one 
weather Sunday Into early day 
next week. Rain will move er i 
southward along tfie CeWor- Moi 
nla coast Sunday Wo Mon- acr 
day, perhaps reaching Los Pol 
An™ tea by Tuesday. Atlanta mn 
to Washington, D.C., wilt Tim 
have dry. warm weather ito 
early next week. wU 

Middle East 


Europe 

Scandinavia will ba damp 
and cool Sunday Imo Mon- 
day. Sunny, pteaaani weath- 
er over Paris and London 
Monday will shift eastward 
across Scandinavia and 
Poland by Tuesday. Ger- 
many will turn warmer by 
Tuesday with a lew thunder- 
storms. Madrid and Home 
w» be sunny and warn. 


IHany PCTKwny 

jRaln BQtl Snpw 

Asia 

Heavy rains and gusty vMa 
(ram a tropical storm may 
affect the northern Philip- 
pines over the weekend end 
Taiwan by early next week. 
Typhoon Kkina may brush 
the Tokyo area wfth heavy 
rains Sunday. Manila and 
Hong Kong wll be warn with 
a tew afternoon showers 
early next weak. 


Latin America 



Todw 

— 

Tomanaw 


Today 

— 



Mgh 

Low 

W 

High Low W 


Hgh 

Law 

W 

High 

Low W 


OF 

C/F 


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C/F 

OF 


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GIF 


31/88 

23/73 


32/89 24/78 ■ 


20/88 

10*0 

■ 



Ci*o 

32/39 

21/70 


33/91 21/70 fl 

Caras 

28/83 

19/08 


29/54 

19*8 ah 


29/94 

16«1 


31*83 17/33 I 

Umo 

1BZB4 

18/81 


IB/84 

15/93 e 

Jamu/wn 

27/80 

18W 


26UB2 13/34 1 

MadcoCBy 

23/73 

13/55 


23/73 

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Luxor 

37/08 

20/M 


33/10219/88 ■ 

FtattoJanaka 22(71 

18/81 

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24/75 

18494 pe 

R*«9i 

33/102 23/79 


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Bontfnk 

ft#™ 

Hong Kona 

ktanto 

Nm>0«M 

Smut 

9wngM 

Stog ap ora 

Tdprl 

Tokyo 


Today 
High Low 
OF OF 
31/93 24/73 
22/71 BMB 
32/BB 28/78 
20(84 23/73 
31/88 27(80 
27/80 1804 
28/32 21/70 
32/39 25/77 
32/89 23/73 
32/33 22/71 


Tomorrow 
W High Law W 
OF OF 
I 31/88 24/75 pc 
pc 21/70 11/32 pc 
pe 31/BB 23/79 pc 
Ml 29/84 23/73 all 
1 32/89 78/70 1 

dr 26m IS'01 pc 
PC 27/30 71/70 pe 
pc 32/BB WTB pc 
pc 32 <39 24/75 pe 
pc 29/84 22/71 f 


Algkm 28/34 
Capo Town 22/71 
CoMManea 28/82 
Harare 21/70 
Logoi 23/32 
NowH 21/70 
Turn 32/BB 


22/71 ■ 29/34 23/73 pc 

17/07 Ml 73/73 11/52 pc 

1B/B4 a 28/82 >9/68 pc 

BMB pe 22/71 11/37 pc 

24/75 I 29/34 7«/7S pc 

9 MS pe 23/73 11/5? pc 

22/71 a 33/81 22/71 9 


North America 


Anc h orage 

ASonta 


10/01 8 MO ah 18/81 BM0 pc 
21/70 12/53 po 22/71 12/33 c 


LogonU: s-suraw. pc-pamy cknidy. octoudy, ah-Bhowera. Mtnmoratcnns, wut si-sno* numes, 
■n-snow. Wee. W-Wanmar. AD maps, foracaata and data pnvMfld by Accu-WOmhor, he. © 1994 


Tonxto 

WuNngm 


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28(83 1908 
22/71 12/53 
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32/88 20*3 
28/82 19*0 
33*1 20/79 
28*2 10*1 
17*2 12 S3 
32/09 24/73 
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41/108 27*0 
21/70 13*5 
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20*8 13*5 
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pe 20*2 19*0 pe 
1 19*0 12*3 pc 
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pc 31/BB 75/77 t 
1 32*3 19*8 pe 
a am 1 B *1 pc 
1 31*8 24/75 I 

■ 28*2 13*5 pc 
pc 21/70 13*5 pc 
pc 32*9 24/75 pc 
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pc 39/102 27/00 pc 
I 23/73 12*3 pc 
C 21/70 13*5 pc 
pe 25/77 14*7 pc 
a 23/79 14/57 g 


r p HE rock group R-E.M. won four MTV 
1 Video Music Awards and the grunge 
group Nirvana took two in a program that 
opened with Michael Jackson and Lisa 
Marie Presley making their first live TV 
appearance as husband and wife. Nirvana's 
drummer, Dave Grohl referring to the sui- 
cide this year of Kurt Cobam, the group’s 
singer, said: “It would be silly to say it 
doesn't feel like something's missing I think 
about Kurt everyday.” Tom Petty and the 
Heartbreakers got the best male video 
award for “Mary Jane's Last Dance” and 
Petty took home the Michael Jackson Video 
Vanguard Award for his career. Jackson's 
sister, Janet, snagged the female video prize 
for “If." As the program went on the air, the 
announcer intoned: "Please welcome Mr. 
and Mrs. Michael Jackson." ‘Tm very hap- 
py to be here, and just think, nobody 
thought this would last;” Jackson said, then 
planted a kiss on his wife of three months as 
the audience squealed its approval 
□ 

Prince Wiffiam of Luxembourg, youn- 
gest son of Prince Jean, the grand duke of 
Luxembourg, married SibOIa WeOter, a 
public relations director for a London art 
gali ay, at the city hall in the Alsatian town 



Bob Smog/AfEKC France- Prose 

David Letteraum and Madonna ap- 
pearing as presenters at the MTV 
Mnsic Video Awards ceremony. 


of Stiestat, France, The religious ceremony 
will be Sept. 24 in Versailles. vt 

□ 

John M cflcn cmnp, 42, canceled the rest ? 
of a U. S. tour after doctors found a clogged J 

artery In his heart The tour had IS more * ' 
performances, scheduled for this month. A 
spokesman said, “The prognosis is extreme- 
ly good for a full recovery." 

□ 

An Indian court on Friday stayed until 
Sept. 28 the screening of a critically ac- 
claimed movie rax the fife o( Phoolan Devi 
The court ordered the producer, SJ5. Bedl * 
to hand over the original version of “Bandit 
Queen," to enable the Delhi High Court to 
consider Devi’s request for a ban. The mov- 
ie, directed by Shekhar Kapur, is based on a ■■ ■ 
book by Mata Sen. Devi surrendered to the • 
police in 1983, after allegedly gunning down - ■. 
22 men to avenge her gang rape and the 
murder erf her lover. She was freed in Febru- ? ; 
ary after 11 years in prison without trial 

Lana Tinner has been chosen to receive . - . 
this year’s award for lifetime achievement ; ■.! 
at the San Sebasti&n, Spain, film festival. 

She ia expected to attend the festival ■*- ; 
which is to begin Thursday. 


i ft Pol it r 
mckiloti 


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'/BST GdlkBtCnl r»« 711 jra&Jik' hi all nunns- fflrt Wortd Canaan-- hnw 

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